Oil
Oil sector Scandal:Six countries turns down Alison-Madueke’s Asylum Request-BCA report
The report, dated March 2015, focused extensively on Nigeria’s general elections. It said the notorious Minister, whose impunity is known to have been closely-protected by President Goodluck Jonathan, will be coming under the microscope for the first time in her Ministerial career.
Nigeria’s Petroleum Minister Diezani Alison-Madueke
No fewer than six countries have already refused to grant an asylum request by the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, the Business Council for Africa (BCA) said in its just-released monthly report, noting that about US$ 1 trillion is the latest estimated figure of the looting of the Nigerian treasury between 1960 and 2005 alone.
The report, dated March 2015, focused extensively on Nigeria’s general elections. It said the notorious Minister, whose impunity is known to have been closely-protected by President Goodluck Jonathan, will be coming under the microscope for the first time in her Ministerial career.
“Given her reputation, it comes as no surprise to learn that 6 countries have already refused to grant her asylum to live in their countries as she now wishes to leave Nigeria at the earliest possible opportunity,” it said.
BCA recalled President-elect Muhammadu Buhari lamenting that the rest of the world looks at Nigeria as the home of corruption, one where stealing is not corruption but a way of life, and that his administration will pursue all public offices and individuals who are believed to be guilty of corruption.
It observed that despite an earlier promise, it is now understood that Buhari’s anti-corruption fishing net will include Ministers currently serving under President Goodluck Jonathan. Alison-Madueke’s departure from Nigeria is likely to be followed by several other PDP elders, party members and supporters as well as some former Government officials, as Buhari’s anti-corruption drive will be far-reaching.
“It will be very interesting to learn in the coming months exactly how far back in Nigeria’s history his administration will go in the pursuance of those who have robbed Nigeria of US$ 1 trillion, which is the latest estimated figure of theft from the Nigerian treasury between the period 1960-2005. Given that President Jonathan’s administration is considered the most corrupt of any of its predecessors, that figure is going to be considerably magnified, but whether the new President will wish to pursue former Heads of State is a matter of interest and considerable debate to Nigerian observers. It is this subject that is primarily responsible for Buhari’s success in winning the election as well as his campaign promises to eradicate Boko Haram, revive the economy and rebuild Nigeria to make its position as the number one country in Africa.
While BCA agreed that the March/April 2015 were “the most credible elections in Nigeria’s history”, it said they could not be called the most incorruptible.
On the contrary, it referred to them as the worst because of the amount of money that the PDP so freely and openly spent on trying to secure the re-election of Mr. Jonathan.
“The stories and reports from throughout the 36 States of the amount of money distributed by the PDP to elders, rulers, church leaders, unions and youth leaders amongst others in an endeavour to favour the voters towards the PDP has backfired badly,” the report said.
BCA said that if the 2011 elections were considered bad, the 2015 elections will undoubtedly go down as the most corrupt in Nigeria’s history, certainly since 1999, as the amount of money being distributed as bribes primarily by the PDP so very openly would readily confirm.
It reported that since November when campaigning began, President Jonathan and General Buhari during their travels made no fewer than 109 promises of what they intend to achieve if given the mandate in the presidential election.
“President Jonathan’s campaign continued to hinge on his party’s Transformation Agenda and the achievements of his Government in the last 4 years, particularly in the agricultural sector, job creation and the empowerment of women,” the report said. In that regard, it credited Jonathan as having achieved a great deal during his tenure.
It said it was however Jonathan’s failures – rampant corruption, insecurity, inability to eliminate the Boko Haram insurgency, failure in such sectors as the economy, and power in particular, and the overall feeling that he was ruled rather than led – that have cost him his re-election bid.
The report also stated that in the 2015 elections, up to 250 Nigerians lost their lives, describing that deplorable record as speaking volumes for the control achieved by the Police at the campaign rallies by the two main candidates.
It described the cost of the campaigns of the two main parties as “simply staggering”, noting that by the first week of March, Buhari had spent some N332.58 billion as compared to the expenditure of President Jonathan which amounted to N1.05 trillion.
“This is without taking into account the cost of other expenses for such items as campaign rallies, where the PDP has spent N1.06 billion against Muhammadu Buhari’s APC’s N595.08 million, and clearly demonstrates the desperate lengths that the PDP have gone to in order to try and secure the re-election of President Jonathan.”
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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