Oil
Jonathan promises full investigation into alleged NNPC missing oil billions
ABUJA – After months of claims and counter claims about alleged missing billions of dollars from the Nigerian National Petroleum Corporation (NNPC) the head of the federal government of Nigeria, President Goodluck Jonathan, finally broke his silence last night, when he assured Nigerians that all allegations pertaining to the money would be thoroughly investigated.
“Nigerians should watch out”, he said, adding,“that is a lot of money and I can’t preside over this nation and watch even one kobo go missing from the government treasury.
“I don’t even know the figure to believe as the missing money, whether it is $49.8billion, $10 or $20 billion. But whatever, even if it is one kobo or one dollar, we will find out. That I guarantee you. But while doing that, we must follow due process,” he promised.
Jonathan further assured Nigerians that Sanusi’s suspension was not connected to whistle blowing over the alleged missing money, but was predicated on allegations of financial queries of CBN’s accounts, noting that the CBN governor was suspended to remove him from the system temporarily, so as to allow for unhindered investigations.
The president said: “Sanusi is still the CBN governor until the allegations are established or otherwise”.
He added that the issue with suspension started last February. “It is not that the suspension came now because Sanusi spoke about missing money” Jonathan said.
The president was speaking at the Presidential Villa in Abuja during his periodic ‘Presidential Media Chat.’
Jonathan insisted that the suspension of Sanusi would not affect the Nigerian economy and added that the “CBN is not a different country.The President of Nigeria has the power to suspend CBN governor.”
He added that the announcement of the appointment of a new CBN governor was to ensure that the suspension of Sanusi does not create a run on the markets. “Sanusi is a Nigerian and must have his friends. The markets were just sensitive to the news”.
He said that as the chairman of the CBN board, it would not augur well for Sanusi to remain, while the board which he chairs is being investigated.
On the controversial kerosene subsidy which the NNPC is alleged to be operating against a presidential directive by late president Umar Yar’Adua, Jonathan said kerosene subsidy was not removed by the late president Yar’Adua .
On whether he would contest elections come 2015 the president was non-committal. He said as a sitting president, it would be diversionary to respond to the question.
Jonathan, who also expressed deep sadness over the continued massacre of innocent citizens in parts of the North by members of the Boko Haram insurgents, said, however, that government was recording huge success in the fight against terrorism.
“Everybody is worried about what is happening. That we hear about killings all the time in large numbers is worrisome. No government can tolerate such a thing. Surely, we’ll get over it. We are recording successes in the fight against the insurgents and we are not relenting,” he said.
On the insinuation that weak intelligence gathering might be the major hindrance to ending the insurgency, he said intelligence agencies were all involved and doing their best. According to him, “we must appreciate that all over the world, terrorism is not easy to wipe off.”
Particularly irked by the recent observation of Kashim Shetima, Borno State governor, that the military was not doing enough, Jonathan said: “I find the comment of Borno State governor very unfortunate. If I withdraw the military for a month, the Borno State governor will not be comfortable even as governor in that place.”
– BUSINESS DAY
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.
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.
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.
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