Oil
Capital Oil: Special Fraud Unit to testify before House Committee on Public Petitions
ABUJA: In other to expose all parties involved in the mischief allegation of oil subsidy scam leveled against the Capital Oil and Gas, the company set all motion in place to publicly interrogate the Special Fraud Unit (SFU) of the Nigeria Police who will on Monday appear before the house committee on public petitions.
However, An authoritative source from the Special Fraud Unit (SFU), who preferred anonymity, confirmed this to newsmen on Saturday in Lagos that the police was on Thursday appeared before the house to give account of their investigation but were asked to come back on Monday to listen to their side of the story due to insufficient.
However, the media relation officer to Capital Oil and Gas, Mr Nick Layes told to newsmen that there fully ready to interrogate the police on the subject matter, adding that the company will exposed all the intrigues.
“You can see that we have been vindicated by Justice Abdul Kafarati of a Federal High Court, Abuja who has ordered the Asset Management Company of Nigeria (AMCON) to re-open our facilities so that we can resume business.
“It was based on this vindication that Chairman, Presidential Committee on Verification of Subsidy Payments Mr Aigboje Aig-Imokhuede and the Chairman of Coscharis Group, Mr Cosmas Maduka were now playing pranks for not appearing before the house,’’ he said.
Layes said that the Nigeria Customs Service (NCS) on Thursday confirmed that Capital Oil and Gas imported various quantities of petroleum products into the country in 2011 and qualified for the payment of its subsidy claims.
He added that the Officer-in-Charge of the Import and Export Unit, Nigeria Customs Lagos, Mr Jubril Musa, who also testified that the company imported 20,000 metric tonnes of kerosene, 222,800 metric tonnes of petrol and 20,000 metric tonnes of diesel during the period covered by the investigation.
It will be recalled that the House of Representatives Committee on Public Petitions Thursday threatened to issue warrants of arrest on the Group Managing Director of Access Bank Plc, Mr. Aigboje Aig-Imokhuede and the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, over their continued refusal to appear before the committee to assist in resolving the dispute between Capital Oil Plc and Coscharis Motors Limited.
Chairman, House Committee on Public Petitions, Hon. Uzo Azubuike, who gave the order at the resumed investigative hearing, said the two personalities had shunned the invitation of the committee twice and their absence was frustrating the investigation.
However, counsel to Capital Oil, Mr Ben Nwosu, disagreed that the matter was subjudice. Nwosu urged the House to prevail on the Central Bank of Nigeria (CBN) to effect the payment of Capital Oil’s Sovereign Debt Note of N2.1billion which he claimed had long been approved by the Debt Management Office (DMO) in view of the fact that the maximum time allowed for the payment was 45 days.
He also urged the presidential committee to grant the company fair hearing with a view to facilitating prompt payment of her outstanding subsidy claims totaling about N20 billion.
Nwosu asked the House to set aside the report of the Aig-Imoukhuede-led Presidential Committee on the grounds of conflict of interest and prejudice.
Nwosu said Aig-Imoukhuede should not be allowed to be a judge, jury and prosecutor in a matter he has interest and has benefited.
Oil
FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
Business
Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
Oil
ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.