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N1bn Allowance: EFCC Summons OAU VC, Bursar

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  • N1bn Allowance: EFCC Summons OAU VC, Bursar 

The Economic and Financial Crimes Commission has summoned the acting Vice-Chancellor of the Obafemi Awolowo University, Ile-Ife, Prof. Anthony Elujoba, and Bursar, Mrs. Aderonke Akeredolu, over the payment of an ‘unapproved’ hazard allowances to the institution’s workers.

The allowances paid to the academic and non-academic staff, our correspondents gathered, were over N1bn.

It was learnt that the allowances were sourced from the university’s endowment funds account, which is usually dedicated for projects.

But the spokesperson for the university, Mr. Biodun Olarewaju, argued that the specific fund used in paying the allowances was not attached to any project in the account.

It was also gathered that certain allowances earmarked for the office of the VC were also being investigated by the federal agency.

The invitation was confirmed in a letter exclusively obtained by our correspondents on Monday.

The letter, signed by Mr. Oseni Kazeem of the Southwest Zonal Office of the commission in Ibadan, Oyo State, advised the invited officers to come along with necessary documents.

The letter reads in part, “The office is currently investigating a case in which there is the need to obtain clarification from you. In view of the foregoing, you and your bursar are requested to report to our office for an interview.

“You are also to come along with the following documents: the salary payment schedule/any other payment made to senior staff and junior staff in August and September, 2016; payment vouchers relating to furniture allowances paid to the VC from the day he assumed office to date; certified true copies of the monthly salary pay slips of the VC from the day he assumed office to date.”

When contacted on the telephone on Monday, Olarewaju said the payment of the allowances should not be tagged as misappropriation.

He said, “The acting VC has been invited by the EFCC to come and make some clarification and as a law abiding citizen, he will attend. Afterwards, we will know what to do.

“The fund used to pay the allowances cannot amount to misappropriation. The said money was not attached to any project or anything. It was just in the account. And, of course, when the life of a member of the staff of the university was threatened by those who are agitating for the payment, the acting VC had to save the situation by paying the allowances to douse the tension.

“You will agree with me that, since then, there have been peace on campus. It was not that the money was in that account for a particular project and was diverted. The issue of misappropriation does not arise here.”

One of our correspondents learnt that upon resumption of office, the acting VC paid hazard allowances to the workers after continuous protest and unrest in the university.

It would be recalled that the hazard allowances were a major reason why members of the Non-Academic Staff Union of Universities and the Senior Staff Association of Nigeria Universities at the institution protested against the former administration headed by Prof. Bamitale Omole.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

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Crude oil - Investors King

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

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Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

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power project

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

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Crude Oil

Again NNPC Raises Petrol Price to N897/litre

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Petrol - Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.

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