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EFCC Recovers N46b From Oil Marketers

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EFCC

Oil marketers have refunded N46 billion in a probe of massive fraud in the sector.

It is all part of the ongoing probe of the rot in the Nigerian National Petroleum Corporation, an Economic and Financial Crimes Commission (EFCC) source said yesterday.

The marketers, who are not named because “the investigation is yet to be concluded”, lifted products without paying a dime to the defunct Petroleum Products and Marketing Company (PPMC), a subsidiary of the NNPC now known as the National Petroleum Marketing Company(NPMC).

The anti-graft agency busted the fraud after going through the company’s records.

A top source in EFCC, who spoke in confidence with our correspondent, claimed that some of the marketers conspired with some staff of PPMC and NNPC to perpetrate the fraud.

The source said: “When we conducted our investigation, we discovered that the affected marketers sourced products from NNPC through PPMC  without paying for them.

“In some instances, these marketers got two or three supplies and paid for one. Through connivance, they cooked the books.

“We discovered that products worth about N100billion were lifted and unpaid for by marketers leading to the invitation and interaction with some of them.

“So far, we have been able to recover N46billion out of the N100billion which the nation had purportedly lost.”

The source expressed concern that the some forces within and outside NNPC and PPMC behind the syndicate almost frustrated the EFCC team probing the “fraud”.

“The cartel wielded enormous influence in the sector and it almost frustrated the investigation and the recovery. As a matter of fact, some forces in NNPC and PPMC did not want us to go this far.

In spite of the liberalisation of the process of obtaining foreign exchange, most marketers still rely on the NNPC for their supplies.

Our correspondent’s was unsuccessful in getting the response of the Managing Director of NPMC( former PPMC), Mr. Farouk Ahmed, to the recovery made by EFCC.

Apart from calls, a text message was sent to Ahmed.

He did not acknowledge  the calls and the  text message.

The EFCC in April quizzed a former Managing Director of PPMC over  some transactions and alleged purchase of houses  valued at N1.3 billion off Amazon in Maitama, Asokoro and Wuse districts in Abuja.

The petitioners alleged that the ex-MD acquired the houses in less than six months in office.

An ex-Officio member of the Kaduna chapter of the Independent Petroleum Marketers Association (IPMAN),  Bako Abdullahi Yelwa, had in February alleged that a cabal had been at work in PPMC.

He said:   ”PPMC members of staff are frustrating Independent Marketers. Why will they ask for a percentage of our profit before giving us allocation? And when we refuse, they frustrate the process of getting our allocation. They only give product allocation to marketers that have given them a share of their profit upfront.

“For example, an Independent marketer gets an average of two allocations of Petrol (PMS) monthly and the profit from each truck is 80 thousand Naira. How can 160 thousand naira pay all my staff, service and maintain the stations and still keep me in business?”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

NAFDAC Grants Conditional Emergency Use Authorisation For Jansen COVID-19 Vaccine

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Jansen COVID-19 Vaccine- Investorsking

The National Agency for Food and Drug Administration and Control, NAFDAC, on Tuesday granted conditional Emergency Use Authorisation for Janssen COVID-19 Vaccine to prevent COVID-19 in Nigerians above 18 years of age.

In a press statement made available to the media, the Director-General of the Agency, Prof Christianah Mojisola Adeyeye said after a thorough evaluation, the NAFDAC Vaccine Committee concluded that the data on the vaccine were robust and met criteria for efficacy, safety and quality.

”The data also show that the vaccine’s known and potential benefits outweigh its known and potential risks thereby supporting the manufacturer’s recommended use. Janssen COVID-19 Vaccine is the third vaccine recommended in Nigeria for preventing COVID-19.”

On vaccine efficacy, Adeyeye noted that the Janssen COVID-19 Vaccine is administered as a single dose and results from a clinical trial involving people in the United States, South Africa and Latin American countries found that Janssen COVID-19 Vaccine was effective at preventing COVID-19 in people from 18 years of age.

She added: ”The Phase III clinical trial involved over 44,000 people. Half received a single dose of the vaccine and half were given a placebo (a dummy injection). People did not know if they had been given Janssen COVID-19 Vaccine or placebo.

”The trial found a 67 percent reduction in the number of symptomatic COVID-19 cases after two weeks in people who received Janssen COVID-19 Vaccine”.

On side effects, she said the most commonly reported side effects with the vaccine were pain at the injection site, headache, fatigue, muscle aches and nausea. Most of these side effects were mild to moderate in severity and lasted 1-2 days.

Speaking on vaccine safety, she said in line with the NAFDAC’s Pharmacovigilance and safety monitoring plan for COVID-19 vaccines, Janssen COVID-19 Vaccine would be closely monitored and subject to several activities that apply specifically to COVID-19 vaccines.

”Manufacturers are required to provide monthly safety reports in addition to the regular updates generated by NAFDAC activities. Janssen COVID-19 Vaccine works by preparing the body to defend itself against COVID-19.”

She further explained that unopened vaccine vials can be stored and/or transported frozen at -25°C to – 15°C for up to 24 months and three months when stored at 2 to 8°C.

She also stated that the Ministry of Health and National Primary Health Care Development Agency will announce when the vaccine becomes available for use in Nigeria.

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NLC Alleged That El-Rufai Reverted Minimum Wage to N18,000 

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El-Rufai

The Nigeria Labour Congress (NLC) yesterday alleged that the Kaduna State government plans to infiltrate its protest with thugs.

It said it was misled in praising the Nasir El-Rufai administration for being the first to pay the new N30,000 minimum wage.

NLC, in a statement by its Kaduna State Council Chairman, Ayuba Suleiman, said the state had since reverted to the old wage of N18, 000 for council workers. It said 20,000 civil servants have been receiving half salary of less than N18, 000.

The workers union said the state owed its members several allowances. It condemned threats to arrest NLC President Ayuba Wabba.

“We are calling the attention of the general public to the planned mobilisation of thugs by the state government to discredit our peaceful protest. We urge the people of Kaduna State to be vigilant and stand against this plan.

“We implore the general public to remain calm and peaceful throughout the five-day warning strike.

“We are assuring the Kaduna State workers and the general public of our commitment to maintaining peaceful strike action in their interest,” Suleiman said.

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FACAN Seeks Partnership With Lagos on Ranching

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Ranching - Investorsking

The Federation of Agricultural Commodities Association of Nigeria (FACAN) is seeking partnership with the Lagos State government on the operation of ranches as part of a road map with investment plans that seek to improve animal productivity and production, as well as increase the value addition of key livestock value chains.

Its President, Dr Victor Iyama told the media that the association is examining various aspects of agricultural development such as investment, demand, consumption, gender and social inclusion and is ready to partner with Lagos in driving out livestock-sector investment interventions, to help the state meet its targets by improving productivity and total production in the key livestock value chains of sheep and cow

According to him, the absence of a roadmap to develop the livestock sector had hindered the successful implementation of previous investment plans for the sector.

He said the creation of the master plan would guide livestock-sector investment interventions in improving feed and water resources, health services, industry and factory and promote private sector investment and business environment.

Urging the Lagos government to pursue the establishment of ranches for hire, Iyama reiterated that investors were convinced the efforts would foster public-private partnerships for livestock development.

According to him, private operators will be ready to rent ranches for meat cattle, indicating that the state remains one of the safest places for increasing industries for meat production and milk processing.

Recently, the Lagos State Butchers Association has requested the provision of about 50 hectares of land from the Lagos State Government for ranching and rearing herds of cattle in the state.

Meantime, the Lagos State Commissioner for Agriculture, Ms Absiola Olusanya, said well over 1.8 million herds of cattle and over 1.4 million herds of sheep and goats, were being consumed in Lagos yearly.

Olusanya called on the private sector to partner with it to establish feedlots in the state for cattle rearing and fattening in furtherance of its reforms and sanitization of the red meat value chain, stressing that partnership becomes necessary as it would ensure better production and supply of cattle for consumption in the state.

According to her, the feedlots when operational would help revive and resuscitate cows that might have travelled from far cities such as Sokoto, Jalingo, Bauchi and Jigawa among others where they may have come to Lagos before slaughtering them.

Olusanya added that the feedlot system would also help in fattening the cows before taking them to the slaughter slabs which would improve the quality of beef as well as help butchers and meat sellers to make more profit. “We have been having discussions around the transformation agenda centred on abattoirs, transportation and markets but there is a revised plan to have a more holistic approach to the red meat value chain.

“We are not just focusing on abattoirs alone which are a processing angle, we are starting right from the animal identification and traceability systems, meaning right from the source or point of origination of the cattle.

“That is why we want to establish feedlots in the state so that we can have cattle fattening centres. Having feedlot centres means that the cattle can rest, they can be fattening.”

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