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JUST IN: President Buhari Requests Senate Approval For Judgement Debt Payments
President Muhammadu Buhari has submitted a request to the Senate, urging them to authorize the payment of judgement debts imposed on the federal government by various courts.
The president stated that these debts were awarded in different currencies, amounting to $556,712,584.01, £98,526,013, and N226,280,801,801.64.
During the Senate plenary on Wednesday, Senate President Ahmad Lawan read out the letter from President Buhari, which outlined the need for approval in addressing the outstanding judgement debts.
According to the letter, President Buhari highlighted that the judgement debts arose from litigations involving federal ministries, departments, and agencies of the government through the issuance of promissory notes.
Furthermore, President Buhari mentioned that the Federal Executive Council (FEC) had already granted approval for the settlement of these judgement debts during its session on March 29.
The letter reads “Request for the settlement of Nigeria judgement debts secured by the federal ministries, department and agencies through the issuance of promissory notes.
“The distinguished Senate President may wish to be informed that the Federal Executive Council FEC in its meeting on March 29, 2023 approved the settlement of top priority judgement debts secured by federal ministries, departments and agencies MDAs through the issuance of promissory notes.
“The judgement debts have been settled through the issuance of promissory notes which will then be reviewed over time for convinience for the federal government or of Nigeria.
“In view of the forgoing, I request the Senate to kindly consider and approve through its resolution, the settlement of the total judgement debts and general judgements incurred by the following MDS In the sum of USD five hundred and sixty six million, seven hundred and twelve thousand , five hundred and eighty four dollars , thirty one cent.
“British Pounds, Ninety eight million , five hundred and twenty six thousand, fourteen cents and Two hundred and twenty six billion, two hundred and eighty one million, eight hundred and one thousand, eight hundred and one naira sixty four kobo through the issuance of promissory notes.”
The president urged the Senate to request for additional information on the judgement debts from the Attorney General of the Federation and financial team of the Ministry of Budget and National Planning.
“The Attorney General of the Federation and Minister of Justice and the other team of finance , budget and national planning may provide any information that will be required for the consideration of this request.” it added.
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Renowned Nigerian Singer Onyeka Onwenu Dies After Lagos Performance
Nigerian singer, songwriter, and actress Onyeka Onwenu passed away on Tuesday, shortly after performing at a birthday party in Lagos.
The celebrated music icon was attending a friend’s private birthday celebration when she took to the stage to perform. After returning to her seat, Onwenu suddenly collapsed, prompting immediate concern among the attendees.
Emergency responders arrived swiftly and transported her to Reddington Hospital on Victoria Island. Despite the medical team’s efforts, Onwenu was pronounced dead shortly after her arrival.
Sources close to the family revealed that she fell ill during the event, leading to her collapse.
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She said, “It is very sad. Onyeka Onwenu just performed at the birthday of Mrs. Stella Okoli of Emzor Pharmaceuticals tonight. After performing, she slumped. She was taken to Reddington Hospital but couldn’t make it.”
The exact cause of her death is yet to be confirmed.
Born on 31 May 1952, Onwenu was a multifaceted artist whose career spanned over four decades. She was not only a renowned singer and songwriter but also an actress, journalist, and politician.
Onwenu’s music blended genres such as highlife, reggae, and pop, often addressed social and political issues. Some of her most popular songs include “One Love,” “Iyogogo,” and “Ekwe.”
Onwenu was also known for her political activism. She was chairperson of the Imo State Council for Arts and Culture and was appointed Executive Director/Chief Executive Officer of the National Centre for Women Development.
Earlier this year, Onwenu revealed she was producing a movie chronicling her experiences in the music industry spanning several decades. She expressed her excitement to share her personal story and how Nigerian music has evolved over time.
Onyeka Onwenu, known for her contributions to the Nigerian music and film industry, leaves behind a legacy that will be remembered for generations.
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BREAKING: CBN Revokes Heritage Bank’s License
In a significant move to ensure the stability of Nigeria’s financial system, the Central Bank of Nigeria (CBN) has announced the immediate revocation of Heritage Bank Plc’s banking license.
The decision came after the bank breached Section 12 (1) of the Banks and Other Financial Act (BOFIA) 2020, with the bank’s Board and Management unable to improve its financial performance despite various supervisory measures prescribed by the CBN.
Biztellers reports that the CBN found that the bank’s declining financial situation posed a threat to the overall stability of Nigeria’s financial system.
Consequently, the CBN took decisive action to revoke the bank’s license and appointed the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator.
This step is intended to strengthen public confidence in the banking system and ensure its continued soundness.
In a press release, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the Central Bank, assured the public that Nigeria’s financial system remains robust and stable.
The CBN’s decision to revoke Heritage Bank’s license underscores its unwavering commitment to taking all necessary measures to safeguard the financial system and protect depositors’ interests.
As the situation unfolds, the banking community and the general public are closely monitoring the ongoing developments related to Heritage Bank and the broader implications for Nigeria’s financial sector.
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NNPC JV Unveils New Crude Oil Grade ‘Nembe’, Commences Exports With 1,900 Barrels
Precious ADELOLA
The NNPC/Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market.
The announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London, on Tuesday.
OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in 2014.
The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal.
The unique selling point of the Nembe Crude Oil grade with an API gravity was highlighted by both the Aiteo E & P and NNPC Limited Leadership at the Argus Conference in London.
The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.
Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands. With its attractive Assay of API 29 and low sulphur content, the Nembe Crude Oil grade commands a premium to the global Brent benchmark.
With the NNPC-Aiteo OML 29 JV back on-stream, Nigeria now boasts of an additional crude oil export of 2 Cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly.
This remarkable achievement signals the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET), which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.
The terminal was conceived as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two (2) Million Barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC).
It has a loading capacity of 25,000 barrels per hour and will be exporting over 3.6 million barrels of Crude oil monthly at full scale of operation.
Currently, hydrocarbon production from OML 29, which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line (NCTL) corridor, has now been resolved through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution.
The Argus European Crude Conference 2023 in London is a gathering of energy majors, refiners, NOCs, traders, financial institutions, and other representatives from across the global oil markets. The event also provides a critical opportunity for business leaders to connect, discuss, share and learn from one another.