Oil
Minister Of Justice Fights Back, Denies $2.4 Billion Illegal Crude Oil Sale
Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami (SAN), has reiterated his denial of the accusation concerning the illicit sale of 48 million barrels of crude oil with an estimated worth of $2.4 billion.
The Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami (SAN), reaffirmed his stance during his second appearance before the House of Representatives adhoc committee investigating the alleged loss of revenue amounting to over $2.4 billion.
The investigation focuses on the illegal sale of 48 million barrels of crude oil exported in 2015, encompassing all crude oil exports and sales from 2014 up to the present time.
Chaired by Hon. Mark Gbillah, the committee heard the minister’s testimony on Thursday, with the presence of Beatrice Jedy-Agba, the Permanent Secretary of the Ministry of Justice and Solicitor-General of the Federation.
It is worth noting that the minister had previously expressed the same position during his initial testimony before the panel on April 27, 2023.
Malami said he was not a member of the committee and had no documents relating to the matter.
He said, “No documents was made available to me relating to this, I’m talking about a document made available by the whistleblower or the one made available by the system.
“Even when I am invited by this committee, not a single document was made available to me for consideration. In the absence of facts, in the absence of documents being presented for my consideration by the National Assembly, in the absence of documents being presented to me by the executive for consideration, in the absence of my participation in any subject matter of investigation, it’s not out of place for me to conclude that there’s no justifiable, reasonable ground basis for such consideration.
“I think we can proceed on the basis of collaboration. And the basis for that is for the committee to make available what document it has at his disposal so that the office of attorney general as well review its archives review this documents and if there’s need for questions and answers we can proceed on that understanding.
“Any investigation that has the capacity of bringing one dollar to Nigeria I will be a party to it. I will support it, under my watch, the attorney general office has succeeded in recovering over one billion dollars to the Nigerian state overtime.
“We have submitted documents you requested, if there need for further engagement, with regards to the documents you claim to have at your disposal my suggestion is for us to review what’s presented on my part and yours.”
In response to the committee’s directive to furnish the parliament with statement of accounts and related information regarding any outstanding matters within the reviewed period, including communication with the Central Bank of Nigeria (CBN) and the Ministry of Finance concerning whistle blower recoveries, Minister Abubakar Malami advised the committee to officially submit a written request to the Office of the Accountant General.
“What I suggest as far as investigative oversight is concerned, write to the office of the accountant general to avail you with assets recovery acct generally maintained by the federal government.
Malami said “Write to the Governor of the Central Bank to avail you with the assets recovery account, because the only thing available at the disposable of the office of Attorney General is perhaps the confirmation of receipts, by a recovery agent issued to us by CBN. It’s not within the AGF office to be a custodian of account.”
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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