Markets

N594bn Loot: Buhari Group Urges ICPC to Prosecute Civil Servants

Published

5 years ago

April 4, 2019

N594bn Loot: Buhari Group Urges ICPC to Prosecute Civil Servants

The Buhari Media Organisation (BMO) has urged the Independent Corrupt Practices and other related offences Commission (ICPC) to prosecute 400 public servants alleged to be involved in the latest recovery of N594 billion made by the agency.

The group said in a statement issued Wednesday and signed by its Chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke, that it was instructive that the Independent Corrupt Practices and other Related Offences Commission (ICPC) revealed that the fraudulent acts were perpetrated by a tiny clique in the civil service.

“We urge the ICPC to ensure that all public officials found involved in corrupt acts that led to the recoveries are prosecuted in order to send a clear signal to others who may be thinking of doing same,” it said.

BMO said it was unimaginable that an amount, which was more than the annual budget of several states combined was taken from the public coffers by different categories of people without a thought for the larger national interest.

According to the group, it is even more surprising that about 400 public servants who are still in active service were part of what could be described as brigandage against the Nation.

“This is aside the 1200 others whom, according to ICPC officials, were conniving with microfinance banks to short-change the system between 2016 and 2018.

“All these show the magnitude of corrupt practices in the public service and how, in spite of the zero-tolerance of the administration to corruption, some people are still bent on circumventing government policies for personal gains,” it
said.

BMO also said that the previous revelation by the Economic and Financial Crimes Commission (EFCC) linking 32 entities to the theft of N1.3 trillion in four years prior to 2015 had not fully sank in before the ICPC came out with details of the recovery of more than half a trillion naira from a group of retired and serving civil servants.

While rallying support for the government’s anti corruption crusade, BMO urged Nigerians especially civil servants to take advantage of the whistle blower policy of the Buhari administration to provide information that would lead to more recoveries of looted funds.

“We are also not unmindful of the possibility that some members of this tiny minority of public servants who want a return to the status quo are still in the system. These individuals who are used to living beyond their means may also have continued to be involved in unwholesome practices to fund their extravagant lifestyle.

“So our appeal is to the conscientious ones among them to cash in on the whistle blower policy and provide useful information to the authorities,” it said.

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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.

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Crude Oil

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

Published

4 days ago

September 5, 2024

Samed Olukoya

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.

Energy

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

Published

5 days ago

September 4, 2024

Samed Olukoya

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.

Crude Oil

Again NNPC Raises Petrol Price to N897/litre

Published

5 days ago

September 4, 2024

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.