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Atiku faults FG’s decision to transfer NNPC revenue to CBN, says ‘it’s illegal’

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Atiku Abubakar, former vice-president, says the federal government’s decision to transfer the revenue of the Nigerian National Petroleum Company (NNPC) Limited to the Central Bank of Nigeria (CBN) is illegal.

 

Olayemi Cardoso, governor of CBN, had said the NNPC and the ministry of finance have agreed to remit their foreign exchange inflows to the apex bank, to boost the nation’s external reserves.

 

Reacting in a statement issued on Thursday, Abubakar said the move undermines the operational independence of the national oil company.

 

“Without prejudice to the possibility of any good that was intended in the decision of the Federal Government to make the Central Bank of Nigeria (CBN) take over the responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company Limited (NNPCL), it must be clearly stated that the action is not legal in its application,” the statement reads.

“Although, as usual, of the current administration, little has been communicated to the public about explaining details of the decision.

 

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“According to what is publicly available, the President has issued a directive that henceforth, the NNPCL would submit receipts for crude oil sales to CBN for vetting and documentation.

 

“Whatever may be the merit of the new arrangement, the presidential directive is a violation of the legal status of the NNPCL. 

“It is an arbitrary order capable of undermining the operational independence of the NNPCL. 

 

“By this order, Mr President has wrested control of the finances of the NNPCL and donated the same to the Federal Ministry of Finance and the Central Bank of Nigeria.

 

“This is an unprecedented act, without any legal or ethical basis. It is also a violation of the principle of due process in public administration.

 

“State-owned enterprises are not subject to such arbitrary orders and have full control over their finances within the confines of their respective establishment laws.

 

“The NNPCL is a creation of the Petroleum Industry Act 2021 (PIA), which was signed into law by the President of the Federal Republic of Nigeria on 16 August 2021. 

 

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“The PIA makes extensive provisions for the formation, structure, governance, and operation of the NNPCL as an independent limited liability company in Sections 53 to 65 of the Act.”

 

Abubakar asked the government to “respect the provisions of the law and allow the NNPCL to run as an independent company based on sound commercial objectives” in line with international best practices and standard principles of corporate governance.

 

“Only then would the new NNPCL grow into a formidable institution with track records, requisite technical and financial capacity, and readiness to operate in public space,” the former vice-president said.

 

“Any attempt to undermine the operational independence of the NNPCL will be a hindrance to any chances of attracting investments and attaining global relevance in the Petroleum Industry.

 

“Let it also be stated that the Central Bank Act 2007 does not confer on the Central Bank of Nigeria, any responsibility for vetting the transactions of, or formulating and maintaining the internal controls and internal audits in state-owned enterprises, public or private. 

 

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“The CBN should be allowed to perform its core functions as provided in the extant law.”

 

 

Abubakar said to enhance transparency and accountability in the operation of the corporation, “its bank accounts for crude sales proceeds such as at Morgan Stanley and the entire crude sales conversion circle can be trailed by the Nigeria Extractive Industry Transparency Initiative (NEITI) and CBN”. 

 

 

The former vice-president added that for any other supportive measures to enhance transparency, “the NNPCL board members can be better selected and reconstituted to include, if desired, representatives of the CBN and NEITI”.

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I’ll not govern Rivers on my knees, says Fubara

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Siminalayi Fubara, governor of Rivers, says he will not govern the state from a position of subservience or weakness.

Fubara made the remarks on Saturday, during a condolence visit to the Ubima, Ikwerre LGA country home of Celestine Omehia, a former governor of the state.

 

Omehia was laying Cecilia Omehia, his mother, to rest.

 

“I have come here with very few respected elders of the state, to come and support you and say to you that we sorrow with you,” Fubara said.

 

“The most important thing is to show our concern and love. Any human being who shows enmity to death, that person is not even normal.

“We also rejoice with you for a life lived well to fulfilment by Mama. We wish Mama a safe journey. Let her stay well where she has gone.”

 

He said politics of bitterness will impede the development of the state and that “it is only in unity that we can move our state forward”.

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“Anybody who claims to love this state should not be party to anything, directly or indirectly that will bring us backwards. We will continue to support every course that will advance the interests of our dear Rivers state,” he added.

“And I am happy to say, and I’ve said it over and again, it doesn’t matter the number of people that are standing with me, I will stand on that side of truth.

“I will not, I repeat, I will not govern our dear state on my knees. If that was the purpose, I will not do that.”

 

Fubara has been locked in a battle for the control of the political structure of Rivers with Nyesom Wike, his predecessor and minister of the federal capital territory (FCT).

 

The governor recently redeployed some members of his cabinet who are loyal to Wike.

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Good Morning! Here Are Some Major News Headlines In The Newspapers This Beautiful Sunday: Benin Traditional Council suspends five chiefs for visiting Ooni

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1. Five officials in the Benin Kingdom have been suspended for allegedly engaging in sacrilegious conduct against Benin custom. The Benin Traditional Council, BTC, said their suspension was because they visited the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, where they “falsely” claimed to be emissaries of the Oba of Benin and rendered inaccurate account of the connection between the Benin Royal Dynasty and the Ooni-ship of Ife.

 

2. The executive chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has appointed Michael Nzekwe as his chief of staff. He also appointed zonal directors for each of the 14 zonal commands of the commission.

 

3. One person died on Saturday when a gas tanker explosion occurred after an accident at Ita Oshin area of Abeokuta North Local Government Area of Ogun State. Chief Route Commander and Education Officer for Federal Road Safety Corps, FRSC, Florence Okpe, who confirmed the incident, on behalf of the sector commander, Anthony Uga, said the accident occurred at about 4:16 pm.

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4. The Naira yesterday recovered against the US dollar at the parallel market as it appreciated to N1280/$, according to market information obtained by Nairametrics from currency traders. This implied that the Naira appreciated by N120, representing a gain of 8.57 per cent when compared to the N1,400 to a dollar at which it traded on Friday.

 

5. Governor Siminalayi Fubara of Rivers State has said there is a fierce fight to destroy the state. He said this at the country home of Sir Celestine Omehia in Ubima community, Ikwerre Local Government Area of Rivers, on Saturday.

 

6. A resident of Osogbo, simply identified as Seun and the motorcyclist conveying her have been crushed to death in a road accident that occurred in Osogbo, Osun State. Seun was said to be a fashion designer and was also working with a real estate firm. It was gathered that the accident occurred Friday evening around OgoOluwa Area of Osogbo.

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7. The All Progressives Congress has demanded the cancellation of the just conducted local government election in Oyo State. The party claimed that the election was a “sham”, warning that if allowed to proceed, it may damage the state’s reputation.

8. The retired Commissioner of Police in Anambra State, Aderemi Adeoye has recounted how he fought the dreaded Niger Delta militants, the Book Haram terrorists in the North East and the Indigenous People of Biafra, IPOB, insurgents in the South East and survived all of them without a scar. Speaking during his pullout ceremony at the Alex Ekwueme Square in Awka, Adeoye said it was the grace of God that saved him during the dangerous moments.

 

9. Tragedy struck in Rivers State on Friday night when fire from a fuel-laden tanker consumed four persons and about 100 vehicles at the Eleme section of the East-West Road in Rivers State. It was learnt that the tanker collided with another vehicle, exploded and burst into flames that spread to other tankers and many other vehicles trapped in the gridlock.

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10. The Anambra State Police Command has arrested 16 notorious cultists and declared 21 others wanted. In a statement by the command’s spokesman, SP Tochukwu Ikenga, in Awka on Saturday, the feat was achieved following intensified efforts to end the resurgence of cult-related killings in Awka, the state capital.

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Shake-up in EFCC as Olukoyede appoints chief of staff, 14 directors

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Ola Olukoyede, chair of the Economic and Financial Crimes Commission (EFCC), has appointed Michael Nzekwe as his chief of staff.

 

As part of a restructuring drive, Olukoyede upgraded all the zonal commands of the EFCC to departments and appointed 14 new directors.

 

A statement by Dele Oyewale, EFCC spokesperson, said the security unit of the agency has been upgraded to a department with a chief security officer at the helm.

 

“To this effect, 14 new directors have been appointed to head each of the zonal commands,” Oyewale said.

 

Additionally, to bolster and fortify the security architecture of the commission, the security unit of the EFCC has been upgraded to a department with a seasoned officer appointed as director, security and chief security officer.

 

“A new department has also been created in the executive chairman’s office and it is headed by former Makurdi zonal commander of the EFCC, Mr. Friday Ebelo who also doubles as director and coordinator, special duties at the corporate headquarters of the commission.”

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Nzekwe was the commander of the Ilorin zonal command and a course one officer.

 

Nzekwe, a lawyer and an investigator, has served in various departments in the anti-graft agency — including legal and prosecution, operations (now department of investigations), internal affairs (now department of ethics and integrity), Servicom, and asset forfeiture.

The new chief of staff has attended trainings and courses at home and abroad, including the Advance Defence Intelligence Officers Course organised by Defence Intel Agency (DIA).

 

 

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