. . . Calls For Establishment Of Special Court, Accelerated Hearing

In order for the oil and gas industry to achieve its full potential as an enabler of national economic and industrial growth, the Group Chief Executive Officer of the NNPC Limited, Mele Kyari, has called for the support of the judiciary in tackling the twin challenges of crude oil theft and pipeline vandalism.

Kyari made the call at the National Judges Capacity Building Workshop on the Petroleum Industry Act (PIA) 2021 organised by the National Judicial Institute (NJI) and INVESTIN 234, on Thursday in Abuja.

In a goodwill message he delivered at the workshop, the GCEO stated that the gains of the PIA have been severely undermined by crude oil theft and pipeline vandalism.

Consequently, Kyari urged the judiciary to consider the creation of a special court to try offences related to crude oil theft and pipeline vandalism or granting accelerated hearings to such cases.

According to him, the role of the judiciary was critical to the success of the efforts of the various security arrangements put in place by NNPC Ltd, the law enforcement agencies and other stakeholders in the industry.

“In particular, is the recommendation that a special court be created to try those offences as they hinge on our survival as a country, and/or for such trials to be conducted under an accelerated hearing process by the issuance of Practice Directions to that effect, with concomitant sanctions to deter would-be offenders,” Kyari stated.

The GCEO also called on the judiciary to accelerate hearing to criminal cases in their courts, through timely determination of the criminal charges and imposing adequate punishments and sanctions on culprits to serve as deterrence to others.

According to Kyari, the NNPC Ltd remains committed to collaborating with all relevant stakeholders to ensure the successful implementation of the PIA, adding that “together, we can ensure that the benefits of our natural resources are maximized for the economic and social development of our country”.

Kyari also commended the Chief Justice of the Federation, Olukayode Ariwoola and the organisers of the workshop for extending invitation to him and the opportunity to deliver a goodwill message at the workshop.

MultiChoice’s financial woes continue to deepen as the company records a staggering R4.1 billion ($222 million) loss for the fiscal year ending March 31, 2024, marking its bleakest financial performance in history.

The media giant has been declared technically insolvent amidst a 9% decline in active subscribers, with its operations in the Rest of Africa suffering a 13% decrease and South Africa seeing a 5% downturn.

Amidst these challenges, MultiChoice finds a glimmer of hope with its streaming service, Showmax, which experienced a promising 16% increase in paying subscribers following its February relaunch.

MultiChoice faced a challenging year with a 5% decline in group revenues, amounting to R56 billion, largely due to dwindling subscriber numbers and adverse foreign exchange rates.

This financial strain extended to a 21% reduction in group trading profit, plummeting to R7.9 billion.

The company’s latest financial statements paint a bleak picture, revealing a significant deterioration in performance.

MultiChoice reported a staggering 42% increase in losses, rising from R2.9 billion to R4.1 billion, marking its worst recorded performance.

Most concerning is MultiChoice’s declaration of technical insolvency, reflecting the severity of its financial predicament amidst ongoing operational challenges.

Singaporean business conglomerate, the Tolaram, has earned plaudits from President Bola Ahmed Tinubu, for believing in Nigeria and having absolute faith in her economy.

Tolaram, which partnered Nigeria to build the Lekki Free Trade Zone and the country’s first deep sea port, has acquired Diageo’s 58.02 percent shareholding in Guinness Nigeria Plc.

According to an announcement at the Nigerian Exchange on Tuesday, Tolaram will also enter into long-term license and royalty agreements for the continued production of the Guinness products and its locally manufactured Diageo ready-to-drink and mainstream brands.

President Tinubu said Tolaram, by acquiring Diageo’s shares in Guinness, had shown that it has a long-term view of doing business in Nigeria.

Biztellers reports that Tolaram has been doing business in Nigeria in the last 50 years.

According to a statement put out by the Special Adviser to the President on Information & Strategy, Bayo Onanuga, by choosing to expand its investment footprints in Nigeria, Tolaram has demonstrated strong faith and confidence in Nigeria’s economy.

He further averred that “President Tinubu welcomes Tolaram to the beverage sector of Nigeria’s business landscape and hopes the group’s business will continue to flourish.”

President Tinubu gives assurances to investors and Nigeria’s businesses, promising that his government will continue to make the operating environment more conducive and transparent.

“The multi-pronged reforms and interventions being implemented on the economic and financial fronts would deliver sustained growth and enduring profitability for investors,” he assured.