Connect with us

Government

NNPC Loses N255bn in One Year

Published

on

NNPC

The Nigerian National Petroleum Corporation recorded a total loss of N255.3bn at the close of last year, statistics from the January 2016 edition of its Energy in Brief bulletin have shown.

An analysis of the data indicated that the highest monthly loss by the corporation was recorded in September 2015 when it lost N46.5bn.

Further findings showed that the loss in September was reduced the following month (October 2015) with the firm losing N12.2bn.

A monthly loss of N14.3bn was recorded in November 2015, up by N2.1bn when compared to what it lost in October the same year.

The corporation attributed the losses to local operational challenges and persistent pipelines vandalism.

The corporation’s group financial report showed that between January and October 2015, the oil firm recorded a group total loss of N241bn.

The figure, however, increased when the firm’s losses from January to November 2015 were computed, losing N255.28bn during this period.

The NNPC specifically said it lost N58.68bn between January and November 2015 to the rupturing of its crude oil installations.

It said, “Local operational challenges such as refinery capacity below commercial threshold due to prolonged turnaround maintenance issues and pipeline vandalism and products losses have also continued to cost the NNPC a huge amount of money.

“A total of 2,447 vandalised points were recorded between January and November 2015, resulting in a total loss of 637,550 cubic metres of crude and products valued at N56.68bn. These developments have put the corporation in a disadvantaged market position.”

The NNPC, in the bulletin, also stated that it remitted a total of N1.003tn to the Federation Accounts Allocations Committee last year.

It said that the country’s three refining companies’ operations came to life in the mid December, thereby meeting the target set by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for the plants to come on stream.

The oil firm said the refineries were producing about six million litres of petrol daily in December. This, however, was before the Kaduna and Warri refineries were shut down last week by the corporation due to breaches in their product supply pipelines.

On key business operations across the group value chain, the NNPC said its oil and gas exploration subsidiary, the Nigerian Petroleum Development Company Limited, posted a production increase of 23 per cent as against the previous month performance.

It said the Nigerian Gas Company, another subsidiary of the NNPC, also recorded an improvement in its year-to-date performance as reflected with revenue posting of N31.34bn.

The firm also explained the recent petrol price modulation embarked upon by the Petroleum Products Pricing Regulatory Agency.

Price modulation, according to the corporation, is a regulatory adjustment approach that allows changes to a pricing template that protects the interest of consumers and investors alike.

It said, “In Nigeria’s context, it is a quarterly price adjustment of the PPPRA’s current price template to reflect the import cost variables.

“The benefit of adopting a pricing modulation approach is that it addresses corruption and blocks leakages in current subsidy management methods, ensures appropriate planning to guarantee security of energy supply, logistics and distribution of petroleum products.

“In the long run, it will curb inflation growth and stimulate efficiency due to forward planning approach; it will support improvement in fiscal sustainability through the deployment of public funds to key infrastructural development, such as roads, health education, agriculture and other safety nets. It will also boost economic growth with impact on Gross Domestic Product, foreign direct investment and employment.”

But the NNPC stated that securing its product pipelines from vandals across the country had remained a major challenge to the effort at ensuring effective fuel distribution nationwide.

The firm had on Wednesday stated that the continued rupturing of pipelines had led to the shutdown of the Kaduna and Port Harcourt refineries.

It said the burst pipelines led to crude supply challenges, adding that the plants were shut simultaneously last Sunday after the Bonny-Okrika crude supply line to the Port Harcourt refinery and the Escravos-Warri crude supply line to the Kaduna refinery suffered breaches.

Quantifying the cost of the attack on the Nigerian economy, the Federal Ministry of Power, Works and Housing stated that the country was losing N470m daily as a result of the incident.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Government

Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

Published

on

Netanyahu

Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

Continue Reading

Government

EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

Published

on

Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

Continue Reading

Government

Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

Published

on

NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending