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Minister Inaugurates NCDMB’s Governing Council

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The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri on Thursday in Abuja inaugurated the 4th Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).

Biztellers reports that the NCDMB’s Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the oil and gas industry.

Recall that members of the new NCDMB Council were first announced by President Bola Tinubu on December 7, 2023, and they would be chaired by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, while the Executive

Secretary of NCDMB, Engr. Felix Omatsola Ogbe, would serve as the Secretary of the Council.

Other members include the Executive Vice President, Gas, Power, and New Energy, Nigerian National Petroleum Company Ltd, Mrs. Oritsemyiwa Eyesan, the Chief Executive Officer of the Nigerian Upstream Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, the representative of the Ministry of Petroleum Resources, Mrs. Bekearedebo Augusta Warrens and the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Nicholas Odinuwe.

Others include the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, Chairman of the Council for the Regulation of Engineering (COREN), Prof. Sadiq Abubakar and the representative of the Nigerian Content Consultative Forum (NCCF), Dr. Raphael Samuel.

In his remarks, the Minister congratulated the members of the Governing Council on their nomination, noting that it was based on their expertise and experience in various fields of endeavour. He explained that the NOGICD Act provided for institutional representation on the Governing Council, to enable the agency to benefit from the expertise and professionalism of key organisations and change the narrative in the oil and gas industry.

He noted that the NCDMB had recorded tremendous achievements in the oil and gas industry in the last 13 years of its existence and had achieved many of the set objectives.

He solicited the cooperation of the new Council members to raise the bar of Nigerian Content development. He added that many African countries are coming to understudy Nigeria’s Local Content model and it was incumbent on Nigeria to deepen the level of implementation and stay ahead of other nations.

Speaking further, the Minister stated that one of the core mandates of the NCDMB was to build indigenous human and infrastructural capacities so that Nigerians can play critical roles in the oil and gas industry.

He highlighted that NCDMB was one of the few agencies chaired by the Minister, attributing it to the importance of the organisation to the national economy. He also mentioned that section 75 of the NOGICD Act mandates the Governing Council to manage and superintend the affairs of the Board among other duties.

Responding on behalf of the newly constituted council, the Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olorundare Sunday Thomas thanked the Minister for the nomination and promised to uphold the confidence reposed in them. He affirmed that NCDMB has performed creditably, and Nigerian Content implementation had become the envy of many countries.

He said: “A lot of value has been added to the oil and gas industry and the Nigerian economy and I thank those who originated the NOGICD Act.

“We will do our best and we will continue the good work started by the NCDMB.”

In his comments, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe promised to work closely with all the members of the Governing Council to take the Board to greater heights.

NEWS

N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden

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Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.

In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.

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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.

The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.

“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.

He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.

Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.

“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said

He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.

“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”

Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.

He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.

“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.

Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.

“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.

He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.

 

 

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International News

ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others

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The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.

In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”

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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.

Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.

The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.

With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.

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NEWS

Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles

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Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.

The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.

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Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.

He urged the committee to carry out its assignment thoroughly and within the bounds of the law.

In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.

“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.

“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”

The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.

“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”

He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.

“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.

The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.

 

 

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