The Nigerian National Petroleum Company Limited (NNPC) has filed a motion in the High Court of the Federal Capital Territory (FCT) in Abuja to discontinue lawsuit against the sale of $1.2 billion assets belonging to Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited.
NNPC’s legal counsel, Afe Babalola & Co., presented the motion marked FCT/HC/BW/173/2022), requesting the court’s permission to withdraw the suit.
The company also requested the permission to strike the suit off the court’s cause list, with a provision to relist it if the settlement process fails.
“The applicant humbly urges Your Lordship to grant leave to discontinue this suit and consequently strike it off the court’s cause list,” the motion states. “Granting this application aligns with the policy of this Honourable Court and facilitates the finalization of the settlement process.”
The NNPC filed the suit challenging ExxonMobil’s deal with Seplat on July 5, 2022.
But the court referred the parties to arbitration on August 3 of same year.
However, the parties recently decided to settle their dispute out of court and arbitration, adding that without prejudice to the rights of the parties, they duly executed a Settlement Agreement.
According to the senior lawyer, in the Settlement Agreement, one condition for settling the dispute was that the NNPC would withdraw the suit to enable the parties to finalize the settlement process.
“In line with the agreement between the parties, the Applicant is discontinuing this suit (Suit No: FCT/HC/BW/173/2022) against the Defendants/Respondents.
“Granting this application is the only way through which the suit may be discontinued appropriately and struck out,” he submitted.
In his affidavit in support of the motion, deposed to by Isaika Popoola, a litigation manager at Afe Babalola & Co., he detailed the history of the case, the arbitration process, and the terms of the Settlement Agreement.
Popoola noted that the parties had held several meetings to resolve the dispute concerning the divestment of MPNU shares to Seplat.
The agreement includes clauses to align the interests of all parties involved and finalize the transaction.
By: Babajide Okeowo
The post NNPC to withdraw suit on sale of ExxonMobil’s $1.28bn asset appeared first on Latest Nigeria News | Top Stories from TVN.
NNPC to withdraw suit on sale of ExxonMobil’s $1.28bn asset
Fuel price will reduce, refineries to start operating soon – Sen Ubah
Anambra South Senator, Ifeanyi Ubah, on Thursday, hinted at the reduction of the pump price of petroleum products.
Ubah said when oil refineries in Nigeria start operating at full capacity, the price of fuel will reduce.
He disclosed this while addressing journalists on Thursday.
The senator said fixing the refineries is a gradual process, noting that the country is getting it right.
“As the chairman of the senate committee on downstream, I can inform you that all our refineries are all kicking and will come into full capacity,” he said.
“This is expected to reduce the price of fuel and the hardship some Nigerians are going through.
“We have Aliko Dangote refineries that have come on board. The innovations that are coming into the industry and the support that the president is giving to the industry are tremendous.
“It’s a gradual process, but we are getting it right. I urge Nigerians to be patient with us; we are having good tidings.”
Ubah commended President Bola Tinubu for providing infrastructure across the country.
“Look at Abuja, for example. We have roads that were commissioned about 15 or 16 years ago and have not been touched, but today, under the administration of President Tinubu, they have received enormous attention through construction and rehabilitation,” he said.
“It is also the same in other parts of the country, not only Abuja, a lot of sectors are also being attended to through the president’s policies and reforms; as we all know, Rome was not built in a day.”
Fuel price will reduce, refineries to start operating soon – Sen Ubah
Edo Police urge Nigerian govt to empower correctional centres to reform criminals
The Edo State Commissioner of Police, Funsho Adegboye, has called on the federal government to adequately empower the Nigerian Correctional Service to enable it serve as reform centres for criminals.
Adegboye, also charged the judiciary to cooperate with the Force to help keep criminal elements away from society.
TVN reports that the commissioner made the call on Thursday while parading 15 suspects arrested for various crimes in the state.
Adegboye noted that most of the suspects are not fit to live with members of the public due to their criminally inclined behaviours.
He explained that some of the suspects are ex-convicts who have served various jail terms but returned to crime upon their release.
The commissioner, who described the development as a serious dimension to criminality in the country, however, advocated an amendment to the laws for strong punitive measures.
“Some people have turned this kidnapping into fast business. Most of the suspects are ex-convicts. This is a serious dimension of criminality in this country.
“The government should empower the Correctional Service more to reflect their name and be able to reform the inmates.
“We also want to appeal to the judiciary to cooperate with us. We don’t want these people back in society. We need to amend the laws for strong punitive measures, “he said.
He said one of the suspects, Asene Ogah, who was recently released after serving seven years in jail, was arrested for alleged kidnapping.
He added that the arrest of the suspect was well-celebrated in his community.
According to him, on hearing of the arrest of the suspect, members of the community jubilated throughout the night. They also sent representatives to the Command to say that we should not let the suspect return to the community.
He, however, appealed to traditional rulers to please cooperate with the command and other security agencies in the fight against insecurity in the state.
Edo Police urge Nigerian govt to empower correctional centres to reform criminals
NSCDC uncovers illegal bunkering sites in Rivers cemeteries
The Nigeria Security and Civil Defence Corps has busted illegal crude oil refining sites at cemeteries in Abalama and Oproama Communities in Asari-Toru Local Government Area of Rivers State.
The security outfit said the feat was achieved by its Marine Anti-vandal Squad after a four hour operational tour on water across the two coastal communities.
Speaking to newsmen after the operation, the NSCDC spokesman, Rivers State Command, Superintendent Olufemi Ayodele, said its operatives successfully uncovered the illegal bunkering sites through credible and sustained intelligence.
Ayodele recalled that the NSCDC Commandant General, Dr Ahmed Abubakar Audi, gave a marching order to all formations in the Niger Delta to step up intelligence and operational efficiency in the fight against oil theft and illegal oil bunkering activities.
He expressed worry about how the miscreants devised a new means of converting cemeteries to illegal bunkering sites, saying they had already loaded several illegally refined crude and refined Automotive Gas Oil also known as diesel was sighted in boats by the riverside.
The state NSCDC image maker however said on sighting its operatives the hoodlums took to their heels though they were giving a hot chase, pointing out that men of the Marine Anti-Vandal Squad are on their trail to ensure they are arrested and prosecuted.
He stated, “Acting on this directive the Rivers State Commandant of the NSCDC, Basil Igwebueze, deployed the Marine Anti-vandal Squad to the crime scene where several boats filled with crude oil and refined Automotive Gas Oil were sighted.
‘This is the Abalama community and behind us is the Oproama community as well where Cemeteries were converted to illegal bunkering sites; Upon our arrival, the suspects took to their heels knowing the squad had superior firepower.
‘The NSCDC as an environmentally friendly agency condemns outright all acts of environmental pollution, degradation of aquatic life and economic sabotage.
“We have contacted some good people in the two communities and they are cooperating with us so that the perpetrators would be apprehended in due course. However, the quantities in litres of the locally refined AGO cannot be ascertained.”
He added, “Consequently, the NSCDC Rivers State Command helmsman has further issued a stern warning against the activities of vandals and illegal bunkers in the state affirming that the fight against oil theft is a relentless war and suspects arrested with their sponsors would be made to face the full wrath of the law.”
Nigeria seeks $500m loan from World Bank for rural roads
The Federal Government has requested a $500 million loan from the World Bank for the development of rural roads and agricultural marketing.
This fund is expected to address the problem of connectivity in rural Nigeria, where 92 million people currently lack access to good roads, according to a final draft of the Resettlement Policy Framework for the Nigeria Rural Access and Agricultural Marketing Project Scale-Up (RAAMP-SU) released by the Federal Ministry of Agriculture and Rural Development.
“Nigeria’s road network is relatively extensive, encompassing approximately 194,000 kilometres of roads. This includes 34,000 kilometres of federal roads, 30,000 kilometres of state roads, and 130,000 kilometres of registered rural roads. The road density equates to about 0.21 kilometres of roads per square kilometre.
“Despite this relatively high road density, the rural accessibility index for Nigeria (defined as the proportion of the rural population residing within 2 kilometres of an all-weather road) stands at a mere 25.5 per cent, resulting in approximately 92 million rural inhabitants lacking connectivity.
“Rural access is particularly restricted in areas densely populated by the economically disadvantaged. These factors underscore the imperative to expand and enhance the rural road network, as well as conserve rural road and transport assets” the policy document noted.
The total cost of the RAAMP-SU project is estimated at $600 million with the World Bank expected to provide 83.33% of the required funding.
The commitment is 79% higher than the initial World Bank commitment of $280 million for the parent project.
The project will finance three key components, which are Improvement of Resilient Rural Access ($387 million), Climate Resilient Asset Management ($158 million), and Institutional Strengthening and Project Management ($55 million).
By: Babajide Okeowo
The post Nigeria seeks $500m loan from World Bank for rural roads appeared first on Latest Nigeria News | Top Stories from TVN.
NAF airstrikes destroy top terrorist’ camps in Northwest
The Defence Headquarters has said the Air Components of Operation Whirl Punch have in the last one week, destroyed several terrorist camps operated by notorious terrorist commanders, Bello Turji’s and Halilu in Zamfara and Katsina States.
The Director of Defence Media Operations, Maj.-Gen. Edward Buba, made this known while briefing newsmen on the operations of the Armed Forces of Nigeria on Thursday in Abuja.
Buba said the camps, which were newly discovered, were acquired through Intelligence Surveillance and Reconnaissance (ISR), adding that they were targeted and engaged with rockets and cannons.
He said the feedback had revealed that several of the terrorists, including some of the commanders, were indeed neutralized as a result of the airstrikes on.
“But at this time we do not have a report of the death of Bello Turji and Halilu,” he said.
Buba said that a similar air interdiction was conducted June 8, overhead a terrorists’ enclave in Safana Local Government Area of Katsina State following confirmatory ISR.
According to him, the Battle Damage Assessment revealed that several terrorists were eliminated and their structures destroyed.
He added that on June 6, the air component of Operation Whirl Punch conducted air interdiction on a senior terrorist commander enclave at Tsaunin Doka in Igabi Local Government Area of Kaduna State.
The battle damage assessment and feedback from locals revealed that several terrorists with high-profile commanders were eliminated and their logistics destroyed, he said.
“Similarly, on the same day, confirmatory ISR indicated terrorist activities in a terrorists’ camp within Shiroro Local Government Area of Niger killing several terrorists,” he added.
NAF airstrikes destroy top terrorist’ camps in Northwest
Ngozi Okonjo-Iweala worthy Nigerian ambassador, brilliant woman – Tinubu
President Bola Tinubu has described the Director General of the World Trade Organization, Ngozi Okonjo-Iweala as a worthy ambassador of Nigeria.
Tinubu said Okonjo-Iweala is an example of grit, diligence and brilliance that Nigerians are known for.
He made the remark while congratulating the former Nigerian Finance Minister on her 70th birthday.
In a statement by his spokesman, Ajuri Ngelale, the president rejoiced with the remarkable leader and her family on this momentous occasion.
The President extolled the former Minister of Finance for her service to the nation and efforts towards building resilient institutions.
The statement said: “President Tinubu also commends the Director-General of the World Trade Organization for being a worthy ambassador of Nigeria, exemplifying the grit, diligence, and brilliance that Nigerians are known for.
“The President prays for many more years in good health for Dr. Okonjo-Iweala and her family.”
Ngozi Okonjo-Iweala worthy Nigerian ambassador, brilliant woman – Tinubu
Yahaya Bello: Don’t betray public trust – Political activist tells EFCC
Kogi state political activist, Usman Okai Austin, has faulted the Economic and Financial Crimes Commission, EFCC’s delay at the federal high court in the ongoing case against former Governor Yahaya Bello.
Okai tasked the EFCC to uphold its integrity, saying that the public’s trust is at stake.
According to him, Bello has used media manipulation to intimidate figures, including President Bola Ahmed Tinubu, and to discredit the anti-graft agency.
He insisted that the public would not tolerate any soft approach from the anti-corruption agency, which had previously shown determination to prosecute Bello.
The Kogi-born political activist said that yielding to political pressure or media campaigns would be a betrayal of public trust.
He recalled the EFCC chairman’s promise to resign if Bello was not prosecuted, noting that the agency has not enforced the existing arrest warrant despite knowing Bello’s whereabouts.
Speaking on people’s demands, Okay said Nigerians, especially those from Kogi State are eagerly anticipating the EFCC’s actions in the case against the former governor.
Okai stressed that the EFCC must resist media blackmail and political pressure to ensure justice is served.
“Anything less would undermine the fight against corruption and betray public trust,” he warned.
Yahaya Bello: Don’t betray public trust – Political activist tells EFCC
Court remands two REA staff members in prison
Justice Emeka Nwite of the Abuja Federal High Court, on Thursday, ordered two staff of the Account and Finance Department of the Nigeria Rural Electrification Agency to be remanded in Kuje prison over their involvement in a N1.853 billion fraud.
Justice Nwite had last week issued a warrant for the arrest of three REA officials, who are defendants in four separate criminal charges brought against them by the Independent Corrupt Practices and Other Related Offences Commission.
The judge ruled that the officials, identified as Emmanuel Pada, Umar Laraye and Henrietta Okojie, should be arrested for failing to appear in court for their scheduled arraignment.
The judge gave the order after ICPC lawyer, Osuobeni Akponimisingha, moved an oral application to the effect.
Afterwards, Justice Nwite adjourned the matter for ICPC to produce Laraye and Pada in court today, while Okojie’s case was fixed for June 14.
At today’s proceedings, the two officials, Laraye and Pada, were present for their arraignment.
ICPC counsel, Akponimisingha, told the court that the matters are for the defendants to take their plea.
Akponimisingha also asked the court to vacate the June 6 bench warrant issued against the defendants given that they have made themselves available in court to take their plea.
Justice Nwite granted the request.
The defendants were docked and the separate four-count charges read to them. They, however, pleaded not guilty to all charges.
After the duo took their plea, Justice Nwite ordered that they be remanded in prison pending their bail.
The defendants’ counsel, Idoko Alhassan, who appeared for the duo, informed the court that he had already filed a bail application on behalf of his client dated June 11.
He claimed the application was duly served on the prosecution on Tuesday.
Responding, Akponimisingha said he was yet to receive the copy of the bail application.
The judge however held that the prosecution was still within time to respond to the application.
Akponimisingha applied for commencement of trial and date.
Justice Nwite adjourned the matter until June 20 for a hearing of the bail application and fixed July 10 for trial.
All four defendants are facing a four-count charge bordering on misappropriation of public funds meant for the provision of electricity to rural communities across the country.
In the first charge marked: FHC/ABJ/CR/204/24, where Pada, is the sole defendant, ICPC accused him of defrauding the REA to the tune of N261m.
The ICPC said he received the funds in different tranches under the “false pretence of project supervision” in violation of the Advance Fraud and Other Related Offences Act of 2006.
According to the proof of evidence attached to the charges, the monies were “illegally paid out to the defendants from the Government Integrated Financial Management System without requisite approvals.”
In the second charge marked: FHC/ABJ/CR/202/24, which has Karaye, as a defendant, the anti graft-agency, accused him of N165m fraud. The anti-graft agency alleged that he moved the funds out of government coffers through the GIFMIS payment platform being payment for “project supervision” in March 2023.
Okojie, in the charge marked: FHC/ABJ/CR/203/24, was accused of cornering N342m “under the guise of project supervision” in breach of the Advance Fraud and Other Related Offences Act of 2006.
Recall that the fourth defendant, Usman Kwakwa, was arraigned on June 6, before Justice Nwite, on a four-count charge bordering on fraud.
Kwakwa also pleaded not guilty to the charge brought against him.
He appealed to the court to grant him bail which was granted.
Justice Nwite granted him bail in the sum of N50 million.
Bill seeking six-year single term, “anti-democratic”
The National Association of Nigerian Students on Thursday, rejected the bill seeking a single term of six years for the President and state governors, describing it as “anti-democratic” and an attempt to stifle citizens’ choices.
It will be recalled that 35 members of the House of Representatives, under the auspices of Reformed-minded Legislators, had last week proposed a bill seeking a single term of six years for the President and state governors.
The lawmakers are equally seeking for rotation of the presidency among the six geopolitical zones of the country, arguing that the proposition if implemented would lead to a reduction in the cost of governance.
However, NANS while reacting to the bill, called on Nigerians, pro-democracy groups, organised labour and trade unions to mobilise against the bill.
Speaking at a press conference in Abeokuta, Ogun State on Thursday, the National Clerk of the Senate of NANS, Yekini Adewale described the bill as “a smokescreen” to divert the attention of Nigerians from the current economic pains and agonies that Nigerians are facing.
The apex student body threatened to mobilise students across the country in a protest against the bill.
Adewale said that if the bill is passed into law, it would erode accountability, probity, transparency and responsibility on the part of political leaders.
‘Yes, democracy thrives on the pedestal of a synergy between the three arms of the government, but when a key arm such as the legislature, proposes bills and peradventure, passes laws that stifle people’s choices or throw spanners at the wheel of the tenets of democracy, then, it is disheartening and must not be allowed.
‘NANS as a non-governmental organisation and the only pressure group that has been agitating for the continued survival and sustainability of our hard-earned democracy from being truncated does not only condemn the proposed bills but calls on Nigerians to move against such step aimed at achieving a selfish agenda by some unscrupulous politicians.
‘If the proposed bills are allowed to see the light of day, then, our democracy is in total jeopardy.
‘Any president or governor who realises that he cannot seek a second term in office, may rather busy himself feathering his own neat instead of delivering good governance to the electorate.
“Expunging the second term from our constitution is synonymous with extinguishing the only power the electorate has to vote out any non-performing president or governor.
‘As a student body in the country, we shall mobilise our members massively against these bills seeking to efface accountability, probity, transparency and responsibility from the elected executives and lawmakers.
‘To further demonstrate our rejection of these anti-democracy, anti-people and anti-progress bills, a day will be set aside for Nigerian students to embark on a mass march against the National Assembly,” Adewale said.