Connect with us

News

Dangote Group speaks on EFCC’s visit, restates commitment to help investigation

Published

on

 

Aliko Dangote, Chairman of the Dangote Group, has clarified the recent visit of officials of the Economic and Financial Crimes Commission (EFCC) to its office but assured of its commitment to helping the agency with its investigations.

 

Recall that EFCC officials visited the Dangote Group headquarters in Lagos over details of foreign exchange allocated to it by the Central Bank of Nigeria (CBN) from 2014 to the present.

 

Days after the visit, Dangote in a statement explained that: “On 6 December 2023, we received a letter requesting details of all the foreign exchange allocated to our company by the Central Bank of Nigeria from 2014 to the present. We understand similar letters were sent to 51 other Groups of companies requesting for same information spanning the same period.

 

“We responded to the EFCC to acknowledge receipt of the letter whilst seeking clarification on the subsidiaries or companies within the Group that they required information on. We also requested additional time to compile and properly present the extensive documentation spanning ten years.”

READ  Court orders INEC to accept LP candidates in 24 states

 

He, however, said, that “the EFCC did not provide the clarification sought and also did not honour our request for an extension and insisted on receiving the complete set of documents within the limited timeframe. Despite this constraint, we assured the EFCC of our commitment to providing the information and pledged to share documents in batches as we complete the compilation.

 

“On 4 January 2024, our team delivered the first batch of documents to the EFCC. However, officers of the EFCC did not accept the documents, insisting on visiting our offices to collect the same set of documents directly.

 

“Whilst our representatives were still at the EFCC’s office to deliver the documents, a team of their officers proceeded to visit our offices to demand the same documents in a manner that appeared designed to cause us unwarranted embarrassment. Worthy of note is the fact that the officials did not take any documents or files from our Head office during their visit as these were already in their office.

READ  Man bags life jail for raping, infecting six-year-old with HIV

 

“We must emphasize that, to our knowledge, no accusations of wrongdoing have been made against any company within our Group. At present, we are only responding to a request for information to assist the EFCC with their ongoing investigation.”

 

Despite the development, he assured that: “As a law-abiding and ethical corporate citizen, we remain committed to providing the EFCC with all necessary information and cooperation. We have already delivered the first batch of documents and are actively working to compile and submit the remaining documents, in good time, to aid their investigation.

 

“Our Group is a key contributor to the national GDP, the largest employer in the private sector, one of the largest groups listed on the Nigerian Exchange, and one of the highest taxpayers in the country. We remain steadfast in our belief in Nigeria’s commitment to the rule of law and its dedication to fostering an environment conducive for investment and value creation for both local and foreign investors.

READ  Subsidy: Petrol price will come down, NNPC assures Nigerians

 

“We therefore call for the understanding and patience of our stakeholders. We will keep our stakeholders informed of any further developments.”

 

 

News

Kaduna refinery to resume 60% production capacity December — NNPCL

Published

on

By

 

The Management of the Nigerian National Petroleum Company Limited (NNPCL) says the rehabilitation of the Kaduna Refining and Petrochemicals Company (KRPC) will be completed by the end of 2024 after years of being shut down due to lack of maintenance.

The Managing Director of KRPC, Mustafa Sugungun, disclosed this on Monday during an oversight visit to the refinery by members of the Senate Adhoc Committee on Petroleum Downstream led by Senator Ifeanyi Ubah.

 

He explained that the 110,000-barrel-per-day refinery will start producing at 60 percent capacity by the end of the year, while full production will take place subsequently.

The KRPC boss explained that the rehabilitation work, which is presently at 40 percent, is expected to be completed within the stipulated time frame

He said, “Our rehabilitation is going on well and steadily according to the plan we have. We are planning to bring this plant to 60 percent nominal capacity by December 31st, 2024.

READ  Man bags life jail for raping, infecting six-year-old with HIV

“Currently, we are heading towards 40 percent of rehabilitation. We remain committed to bringing back the plant at least 60 percent of our nominal capacity.

“The overall capacity of Kaduna Refinery is 110, 000 barels per day, but we are starting with only 60 percent of that. And in less than one year, we will attain the 110,000 capacity.

 

“So this initial plant operation is for 60 percent Nigerian crude and 50, 000 barrels of imported crude. Imported crude is mainly for lubricants and other petrochemical aspect of it.”

 

On his part, Senator Ubah said that the oversight visit was part of the collaborative effort of the President Bola Tinubu and the National Assembly to ensure that all the nation’s refineries are brought back to life, and consequently enable the country to end the importation of petroleum products.

 

The Kaduna refinery was established in 1980 to supply petroleum products to Nigeria’s Northern region, with a capacity of producing 110,000 barrels per day of crude oil.

READ  EFCC detains ex-SFG Anyim over N780m aviation ministry fund

For many years, the Kaduna refinery, just like it’s counterparts in Portharcourt and Warri, has been out of production, leaving the country to rely heavily on imported petroleum products.

Continue Reading

News

Petrol scarcity: Queues will end Wednesday, says NNPC

Published

on

By

 

The Nigerian National Petroleum Company (NNPC) Limited says the ongoing shortfall in supply of petroleum products and queues for the products will be cleared out by April 31.

Femi Soneye, NNPC’s spokesperson, said this on Tuesday in Lagos.

Soneye said the company currently has more than 1.5 billion litres of product available, enough to last for at least 30 days.

However, he said some individuals might be exploiting the situation to maximise profit.

 

“Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved,” he said.

“However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations.

“Some folks are taking advantage of this situation to maximize profits.

 

“Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain.

“The lines will be cleared out between today and tomorrow.”

READ  Keyamo drags ICPC, EFCC to court, demands prosecution of Atiku over ‘money laundering’

 

Petrol queues resurfaced in filling stations amid a scarcity of the commodity, leading to an increase in transport costs.

On April 25, the NNPC attributed the situation to logistics issues, assuring Nigerians that “they have been resolved”.

However, on April 29, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said it does not have access to petroleum products.

Continue Reading

News

Good morning! Here Are Some Major News Headlines In The Newspapers Today: FG requires $10bn yearly, to revive power sector – Minister

Published

on

By

 

1. Minister of Power, Adebayo Adelabu, has said $10 billion is needed yearly for the next ten years to revive the nation’s power sector and nip in the bud the challenges bedeviling it. The minister said this when he appeared before the Senate Committee on Power for investigative hearing over the recent electricity tariff hike by the Nigerian Electricity Regulatory Commission, NERC.

 

2. Former Super Eagles winger, Finidi George, has been named senior men’s national team’s new head coach by the Nigeria Football Federation, NFF. The 52-year-old former Real Betis and Ajax Amsterdam attacker was given the reins after the NFF Board approved the suggestion of its Technical and Development Committee, according to a statement released on Monday, April 29.

 

3. Justice Emeka Nwite of the Federal High Court in Abuja has issued an interim order empowering the Economic and Financial Crimes Commission, EFCC, to freeze about 1,146 bank accounts belonging to individuals and companies. The EFCC claimed it was investigating the affected accounts over allegations of unauthorised dealing in foreign exchange, money laundering and terrorism financing.

READ  Court orders INEC to accept LP candidates in 24 states

 

4. The Joint Admissions and Matriculation Board, JAMB, has released the 2024 Unified Tertiary Matriculation Examination, UTME, results. The examination, which began on Friday, April 19, ended today, Monday, April 29.

 

5. Some supporters of the All Progressives Congress, APC, stormed the Secretariat of the ruling party in Abuja on Monday to register their displeasure with those allegedly plotting anarchy in the party. The protesters alleged that some external forces were behind the recent purported suspension of the National Chairman of the party, Abdullahi Ganduje.

 

6. A High Court in Kano State, on Monday, fixed May 16, 2024, for ruling on whether the court will allow service through substituted means to respondents in the case between the Kano State government and former governor, Abdullahi Ganduje and eight others. Ganduje, his wife, Hafsat and son, Umar and five others are defendants in the suit.

7. National Chairman of the ruling All Progressives Congress, APC, Dr Abdullahi Umar Ganduje, has described the New Nigeria Peoples Party, NNPP, as a party of failed politicians. Speaking while addressing a coalition of support groups who were at the APC national secretariat on a solidarity visit, he alleged that NNPP leaders were sponsoring protest as part of efforts to remove him as APC helmsman.

READ  EFCC detains ex-SFG Anyim over N780m aviation ministry fund

 

8. A Competition and Consumer Protection Tribunal, CCPT, sitting in Abuja, on Monday, restrained MultiChoice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on May 1.

Continue Reading

Trending News