- Reps Ask Total to Refund $592m to FG
The House of Representatives, on Thursday, asked Total Exploration and Production Nigeria to refund $592m to the Federal Government.
The decision was taken following the consideration of the Report of the Committee on Gas Resources led by Fred Agbedi.
The committee investigated the contract for the upgrade of OML 58, upgrade 1, the execution of Obite-Ubeta-Rumuji Pipeline and the Northern Option Pipeline Projects.
The amount was the excess allegedly paid on the contract awarded by the Nigerian National Petroleum Corporation and the National Petroleum Investment Management Services.
The House approved the recommendations that the excess payment of $592m should be recovered from TEPNG in consonance with the recommendations of Tabor VFM Audit Report.
Other recommendations are, “That a forensic investigative audit into the cost overrun emanating from all change orders, including $2.2bn on OML 58 Upgrade 1, $560m on OUR Pipeline and $528m on NOPL Pipeline Projects be conducted.
“That the actual cost of the projects as awarded by NNPC/NAPIMS and TEPNG be ascertained as it is difficult to ascertain the actual cost since all the parties do not agree on the cost.”
The House also considered the report of the same committee on the need to investigate the Contract for the Modification of the EGP 3B Production Platform following the Joint Venture Agreement between the NNPC and Chevron Nigeria Limited.
The legislature decided as follows, “That a supposed entity called Diakrino Services Limited, which was engaged by NNPC/NAPIMS to conduct a Value for Money audit at the cost of $1m, was not a legal entity as was confirmed by the committee from a search at the Corporate Affairs Commission.”
The lawmakers, therefore, approved that the contract sum of $1m awarded to Diakrino Services Limited should be paid back to the Federation Account by four staff members of NNPC/NAPIMS involved in managing the contract awarded to Diakrino.
The lawmakers said the firm should also be apprehended and prosecuted for violating the Procurement Act, 2007.
When contacted, a spokesman for Total, Mr Charles Ebereonwu, told one of our correspondents that he was not aware of the development.
Sterling Homes Plans To Reduce Housing Deficit
Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.
The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.
During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.
“We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.
“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”
The managing director said that one of its unique selling points was its after sales services which was top notch.
He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.
While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.
He said it also had provisions for high breed options and developing areas to accommodate various income levels.
Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.
Mutual Benefits Drives Financial Inclusion
Mutual Benefits Assurance Plc says it is committed to deepening financial inclusion and creating easy accessibility for insurance in the country.
A statement from the firm on Friday said it expressed this commitment when it inaugurated its South-West region franchise operations in Ibadan, Oyo State.
The Managing Director, Mr Femi Asenuga, said this was part of its efforts to develop the insurance business and create values.
He said, “The role we all have to play is to be ambassadors of Mutual Benefits.
“A franchise is a well-known word and the way Mutual Benefits practices franchise is in our normal style of creating and adding value; we never rest.”
Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.
In developed economies, he said, insurance firms owned banks. He regretted that this was not the situation in Nigeria.
He said the firm would provide stakeholders with the platform and support to make them excel as a member.
The Managing Director, Mutual Benefits Life Assurance Limited, Mr Ademola Ifagbayi, appreciated the stakeholders and urged them to take advantage of the franchise.
The Group Managing Director, Odua Group, Mr Adewale Raji, in his address, advised stakeholders to be committed and showcase good character and integrity.
He said, “The Odua investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states.
“This is an opportunity for us to strengthen insurance penetration within the South-West states.”
CAC Sets Three-Hour Circle For Company Registration
The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.
Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.
The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.
“To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.
Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.
He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.
While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.
The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.
Finance2 weeks ago
List of Microfinance Banks’ USSD Codes In Nigeria
Government4 weeks ago
FEC Approves $1.5 Billion For Repair of Port Harcourt Refinery
Cryptocurrency4 weeks ago
Zugacoin that Plunges Over 99 Percent in 6 Days Partners Innoson, Buy Innoson Products With Zugacoin
News4 weeks ago
Focus on bank MDs, Others, Workers Reply EFCC Over Asset Declaration
Government3 weeks ago
US Intelligence Says ISIS and Al-Qaeda Are Planning to Attack Southern Nigeria
Government4 weeks ago
Customers TO Pay N6.98 Per USSD Transaction – CBN, NCC
News4 weeks ago
EFCC Directs Bankers to Declare Assets by June 1
Banking Sector3 weeks ago
GTBank Records N201.4 Billion Profit After Tax in 2020