NEWS
EFCC, Nine Oil Governors Clash Over N84.7bn Diversion
There’s brewing tension between the EFCC and nine governors from oil-producing states, centered around the misappropriation of N84.7 billion from the 13 per cent derivation fund allocated to these states.
Additionally, a dispute has arisen regarding the release of N52 billion recovered from the former Accountant General of the Federation, Ahmed Idris, and associates.
Idris faces charges including money laundering, diversion of public funds, abuse of office, and conspiracy, filed against him by the EFCC.
The EFCC’s investigation exposed the diversion of N84.7 billion from the 13 per cent derivation fund designated for the nine oil-producing states, which are Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers.
This sum was allegedly misappropriated by Olusegun Akindele Consultancy and other collaborators engaged by these states to audit and reconcile payments owed to them from the Excess Crude Account (ECA) spanning 2004 to 2016.
Specifically, Olusegun Akindele Consultancy received N84.7 billion, representing 9.84 per cent of N861,135,887,749.10, as consultancy fees, which was subsequently divided among four groups.
The EFCC managed to recover a total of N52 billion from fraudulent consultancy contracts awarded to three of these four groups.
The funds, sanctioned by the Federal Executive Council (FEC) in their August 20, 2021 meeting, were allocated to the nine oil-producing states.
Following an investigation, correspondences were exchanged between Akwa Ibom State Governor Umo Eno, representing the nine states, and the EFCC.
Governor Eno of Akwa Ibom wrote to the EFCC requesting the release of the N52 billion to a consultant named Messrs Platinum Resources Limited on behalf of the nine states.
However, the EFCC declined the request, urging each state to provide their government’s account details for the fund’s release.
Allegedly, only the account details of four states—Akwa Ibom, Delta, Bayelsa, and Rivers—were submitted to the EFCC by Governor Eno, while the remaining five states’ account details were not provided as directed by the EFCC.
Following further investigation, it was revealed that the EFCC maintained its stance, insisting on the submission of account details from all nine states.
The EFCC Chairman, Ola Olukoyede, intends to transfer the funds into the Central Bank of Nigeria (CBN) derivation accounts belonging to each state.
A source familiar with the matter said “This development is the basis of the fight of the governors of the nine states with the commission. The EFCC’s position is to allow for transparency and accountability concerning the use of the recovered funds.”
NEWS
Fuel Pricing: PETROAN Accuses Dangote Refinery Of Monopoly
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over alleged monopolistic practices by Dangote Refinery, following a public dispute about fuel pricing in the downstream petroleum sector.
Recall that the refinery, Africa’s largest, recently disclosed its petrol pricing at N990 per litre in trucks and N960 per litre into ships, a move it justifies as being in line with international rates.
READ MORE: Nigeria’s Debt Service Ratio Falls To 65% As Tinubu Tackles Economic Woes
PETROAN, however, sees this as an attempt to suppress competitors and dominate the Nigerian market.
The rift began when Dangote Refinery claimed that complaints from marketers regarding its pricing were fueled by intentions to import cheaper, potentially substandard products.
In response, PETROAN strongly rejected these allegations, suggesting that Dangote’s claims are tactics designed to maintain a monopoly in the sector.
Joseph Obele, PETROAN’s spokesperson, stated that the association remains committed to importing high-quality products at more competitive rates to ensure affordability for Nigerian consumers.
According to PETROAN, competition in the market is essential for achieving fair pricing, and any attempt to stifle it would be detrimental to consumers.
They argue that Dangote Refinery’s pricing should reflect production costs and fair margins rather than international benchmarks, especially given concessions granted by the government for the refinery’s establishment.
PETROAN also announced its plans to partner with foreign refineries and financial backers to import premium-quality petroleum products at prices below current rates.
The association aims to enter the market by December 2024, pending necessary regulatory approvals.
“The allegations that PETROAN will import substandard products are unfounded and aimed at creating an unfair playing field,” the statement read.
PETROAN warned that similar claims in the past had led to significant price hikes when competitors were pushed out, emphasizing that the entry of new players into the market would lead to more competitive pricing and ultimately benefit Nigerian consumers.
PETROAN expressed appreciation for President Bola Tinubu’s commitment to revitalizing Nigeria’s state-owned refineries and urged the government to consider privatizing the Port Harcourt and Warri refineries once rehabilitation is complete.
The association believes a transparent privatization process will help strengthen Nigeria’s downstream sector and counter monopolistic tendencies.
To address the ongoing pricing challenges in the sector, PETROAN called on the government to convene a comprehensive meeting of industry stakeholders, including major associations like IPMAN, DAPPMAN, MEMAN, NUPENG, and PENGASSAN.
PETROAN believes that collaboration among these groups will be instrumental in establishing a sustainable and competitive pricing framework for petroleum products in Nigeria.
NEWS
Hardship: Let Us Intensify Prayers For Our Leaders – Sultan Of Sokoto Tells Nigerians
Sultan of Sokoto, Sa’ad Mohammad Abubakar II, has called on Nigerians to avoid publicly criticizing their leaders, instead urging citizens to place their trust in God to address leadership concerns as He deems fit.
Speaking at the Regional Conference on Climate Change-Induced Conflicts in Northern Nigeria, organized by the Kaduna State Bureau of Interfaith in collaboration with International Alert, the Sultan emphasized faith and patience in navigating the country’s challenges.
READ ALSO: Gunmen Attack Police Facility In Owerrinta, Female Detainee Killed
Acknowledging Nigeria’s current economic and social hardships, the Sultan encouraged continuous prayer, not only for the nation but for its leaders as well.
“Even though many feel times are particularly hard, we believe relief will come. Let’s increase our prayers for our leaders, trusting God to address them in His way,” he said, expressing hope that divine intervention could bring stability and prosperity.
The Sultan reminded political leaders of their ultimate accountability to God, cautioning that they will stand alone on the Day of Resurrection, with only their deeds to support them.
“On that day, every leader will stand alone. Governors, advisers—none will have support except their own deeds. Let us act with a deep sense of responsibility and fear of God,” he stated.
Addressing religious leaders, he warned against misleading their followers for personal gain, underscoring the trust many place in their religious guidance.
“Only God can save any human being,” he said, encouraging Nigerians to remain faithful and discerning in their spiritual beliefs. “Focus on worshiping Allah and leave the rest to Him. Don’t follow those who might lead you astray.”
With leaders from various religious communities, including the President of the Christian Association of Nigeria (CAN), in attendance, the Sultan called for unity, resilience, and communal effort to tackle pressing issues such as climate change, poverty, and insecurity in the northern region.
He praised the North’s history of unity and resilience, warning against divisive narratives that threaten communal harmony. “When we are united, we can face any challenge and build a prosperous community,” he asserted.
The Sultan’s remarks come amid ongoing social and environmental issues in the region, including a recent surge in climate-related challenges that have exacerbated poverty and security threats.
In light of these issues, he called on both Muslims and Christians to intensify their prayers, saying, “Our country faces many challenges, and we must turn to God in prayer. Let us intensify prayers in our mosques and churches.”
NEWS
#EndBadGovernance Protests: Tinubu Orders Release Of Detained Minors
In a decisive move, President Bola Tinubu has ordered the immediate release of all minors detained by police during the recent #EndBadGovernance protests.
The directive, announced by Minister of Information and National Orientation, Mohammed Idris on Monday, underscores the government’s commitment to protecting children’s rights and ensuring justice.
Related News: EndBadGovernance Protests: Court Sets N10m Bail Each For 67 Minors
Idris confirmed that President Tinubu’s directive prioritizes the welfare of detained minors, instructing the Ministry of Humanitarian Affairs to facilitate their safe reunification with their families.
A committee led by the Ministry of Humanitarian Affairs will be established to oversee the welfare of the released minors and ensure compliance with the president’s orders.
Additionally, President Tinubu has directed a formal investigation into the actions of law enforcement agencies involved in the arrests.
The president emphasized that any misconduct uncovered during the investigation will result in disciplinary action, affirming his administration’s dedication to accountability within law enforcement.