Connect with us

Oil

‎PPMC refutes been summoned by senate over alleged fraud

Published

on

By Kunle Kalejaye
 
 The Pipeline Products and Marketing Company, PPMC has refuted reports making the rounds that it’s Managing Director, Mr. Haruna Momoh was summoned by the Senate over allegation of fraud in crude oil SWAP.
 
Nigerian Senate President

Nigerian Senate President

Spokes man of PPMC, Mr. Nasir Imodagbe in statement made available to newsmen explained that contrary to the report, the MD, Mr. Haruna Momoh was invited by the Senate Committee on Drugs, Narcotics, Financial Crimes and Anti-Corruption to explain PPMC’s operations. 

 
According to him, the invitation contains ‎ request by the Senate for PPMC to explain the dynamic of the petroleum SWAP program adding that the invitation was never based on any alleged fraud. 
‎Mr. Imodagbe in the statement said “PPMC is merely an operator for and on behalf of Nigerian National Petroleum Corporation, NNPC.
“PPMC’s mandate is the supply and distribution of petroleum products nationwide, transportation of crude oil to the refineries and running of NNPC crude oil and products pipelines.”
He therefore described the publication as a smear campaign of calumny orchestrated by distractors stressing that the word ‘fraud’ was not mentioned by the committee in its letter to the company.
Imodagbe continued “perhaps PPMC has already been adjudged guilty and awaiting sentencing on a matter that is largely within the sphere of concern of PPMC at best.
“In the alternative, the said publication was planted to attract public ridicule and or odium for PPMC.”

‎He further said the Chairman of the committee, Senator Victor Lar, expressed displeasure over the media misrepresentation of the committee’s invitation of PPMC.
He said the chairman had therefore apologised to Momoh when he appeared before the committee on Monday, March 9.

He quoted the committee Chairman as saying: “permit me to express my displeasure at the media attention to this hearing. In one of the dailies, it is alleged that Mr Momoh is being visited in connection with fraud, that is not correct.

“Mr Momoh is the head of an organ. He cannot therefore be responsible for the` Fraud` if any.  Mr Momoh, on behalf of the committee please accept our apology. We don’t believe in media trial,” Lar said.

SWAP programme was approved by late President Umaru Yar’Adua for and in favour of the Nigerian National Petroleum Corporation NNPC.

It is based on the 445,000 barrels crude oil allocation to the NNPC for domestic consumption. The proceeds are remitted to the Federation Account directly by NNPC.

Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

Published

on

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.

Read Also: Atiku Calls For Rotational Presidency Across Nigeria’s Geopolitical Zones

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.

 

Continue Reading

Business

Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

Published

on

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.

Continue Reading

Oil

ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

Published

on

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.”

Read Also: Offset Accuses Cardi B Of Cheating During Pregnancy

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.

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.