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NNPC, NPA’s Tussle over N5bn Debt Threatens Fuel Importation

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The nation’s fragile economy faces another crisis as the Nigerian Ports Authority (NPA) is restraining the berthing of ships contracted by the Nigerian National Petroleum Corporation (NNPC) for non-payment of N5 billion debt.

This is coming just as Nigerians are grappling with the possibility of another fuel scarcity, following plans by independent petroleum marketers to increase the pump price of fuel from the government approved N145/litre to N151, as a result of the scarcity of foreign exchange.

Competent sources at the NPA disclosed that NNPC’s debt would have been higher but was reduced by a rebate of about 30 per cent the authority granted to the NNPC.

The source told THISDAY that one of the contracted shipping companies bringing in products owned by a former National Chairman of the Peoples Democratic Party (PDP), who is from the North Eastern part of the country, was also owing the NPA $2 million.

The NPA, THISDAY learnt, is also insisting on collecting its payments in U.S dollars as against being paid in Naira at any exchange rate, which is not certain, owing to fluctuations in the foreign exchange markets.

Vessels owned by the indebted PDP chieftain’s company and other ships laden with premium motor spirit (PMS) otherwise known as petrol are presently seeking berthing space at Capital Oil Jetty in Ibafon, Lagos.

Although the NPA is aware that its insistence on collection of the monies before the vessels discharge may lead to fuel scarcity, but it appears unwilling to change its position as NNPC may not have shown enough commitment to pay up.

The NPA, under its new management team, has commenced serious debt recovery drive aimed at addressing long periods of indebtedness spanning between one and 10 years.

The Managing Director of NPA, Hadiza Bala Usman had told some terminal operators in Calabar, on Thursday that NPA would ensure maximum collection of all fees due to the government while urging them to stick to the terms of agreements entered with government.

Terminal operators, who had paid fees to NPA in Naira in June 2016, have had their money returned to them with NPA insisting that the payments be made in United States Dollar as specified.

Meanwhile, efforts to get the NNPC to comment on the matter failed as its spokesperson, Mr. Garba-Deen Mohammed, did not answer calls made to his mobile telephone number.

Oil marketers had, during the week, threatened to increase the pump price of petrol, due to the continued scarcity of foreign exchange to finance the importation of the product.

According to them, the United States dollar hit an all-time high last week, as it exchanged for N400 at the parallel market.

Worried by the development, the marketers said, if not urgently addressed, the pump price of petrol would not remain at the approved rates.

The federal government liberalised the downstream sector of the petroleum industry on May 11, 2016, and announced an increase in the pump price of petrol from N86 and N86.5 per litre to between N135 and N145 per litre.

It also stated that the market was to be driven by the factors of demand and supply, as it was now largely in the hands of private sector players.

But oil marketers announced last Monday that despite the competition in the business, they were struggling to retain the price of the Premium Motor Spirit within the approved range.

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.

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

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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.

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

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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.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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