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EFCC Recovers N328.9b From Total, MRS, Others

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  • EFCC Recovers N328.9b From Total, MRS, Others

The Economic and Financial Crimes Commission (EFCC), Kano Office, has recovered N328,988,296,990.62 from some major oil marketers.

The retail oil marketers are Conoil Plc, Total Plc, OVH Energy Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc and NIPCO Oil Plc

The recovery followed a petition against the leadership of the Nigerian National Petroleum Corporation (NNPC) and its subsidiary, Pipelines and Product Marketing Company (PPMC).

According to a statement by the EFCC Head of Media and Publicity, Mr. Wilson Uwujaren, the breakthrough was the consequence of an investigation into alleged diversion of N40 billion by the affected marketers.

The statement said: “The petition alleged that a whooping sum of N40 billion had been diverted by the major oil marketers in connivance with the leadership of the NNPC and PPMC.

“The EFCC in a swift reaction referred the petition to a special task force, who swung into action by conducting discrete investigation.

“Findings by the operatives of the EFCC revealed that the oil marketers were actually indebted to the Federal Government to the tune of N91,519,485,204.44 between 2010 and 2016.

“Further investigation into the allegation also revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations.

“The probe further led to the discovery of N258,928,926,351.93. Following the latter discovery, the total amount of debt stands at N349,818,411,556.37.

“Upon the conclusion of the preliminary investigation, officials of NNPC/PPMC and all the managing directors of the concerned companies, which are NNPC retails, Conoil Plc, Total Plc, OVH Energy Plc, Forte Oil and Gas Plc, Mobil Plc, MRS Oil Plc, and NIPCO Oil Plc, were invited to the Kano Zonal Office of the commission, where their statements were recorded following which the recovery process commenced.

“So far, a sum of N328,988,296,990.62 has been recovered from the major oil marketers.

“The outstanding debt now stands at N20,765,919,869.”

Shady deals in the oil sector, including the fuel subsidy scandal, were said to have cost the nation over N1.3 trillion in 2011.

But the manipulation of subsidy claim caused uproar nationwide.

The Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments had initially indicted 21 firms for fraudulent claims that cost the nation N382 billion. The list was later increased to 25 by the Federal Ministry of Finance based on fresh evidence.

The former chairman of the committee, Mr. Aigboje Aig-Imoukhuede, said of the N422 billion scrutinised, N18 billion was found to be duplication and N21 billion was cleared.

He confirmed that of the 116 oil marketing and trading companies (OM&T) invited, 107 honoured the invitation.

He said: “Of the N422 billion, N18 billion was found to be duplication. So, the actual amount that was being verified is N403 billion. Of this amount, N21 billion was cleared and that leaves N382 billion as the sum in contention for which the committee recommended that the process of recovery should be made,” the committee report noted.

“Painstaking efforts were made to ensure fairness; OM&T’s were given the opportunity to come back with as much documentation and even being re-interviewed where necessary.”

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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Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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