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Again, Buhari Orders NNPC to Search for Oil in North

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For the second time in three weeks, the Nigerian National Petroleum Corporation has received an express order from President Muhammadu Buhari to explore for oil in the North.

This time, the President directed the national oil firm to commence exploration activities in the Benue Trough. The Benue Trough is a major geological formation underlying a large part of Nigeria, extending about 1,000km North-East from the Bight of Benin to Lake Chad.

The Group Managing Director, NNPC, Dr. Maikanti Baru, disclosed the President’s directive on the oil expolration in the North while receiving a delegation from the Benue State Government at the corporation’s headquarters in Abuja.

About three weeks ago, the President had directed the corporation to speed up its prospect for oil in the region, specifically in the Chad Basin and Kolmani River, following the reported discovery of hydrocarbons by Shell in the area.

The 19 northern state governors are also fired up about the prospect of oil production in their domain as they have hired a British firm through the Northern Nigeria Development Company, which they jointly own, to carry out the exploration activities.

But energy analysts and several socio-cultural and other interest groups on Tuesday expressed divergent views on the pressure by the President on the NNPC as regards oil exploration in the North.

The NNPC GMD, in a statement from the corporation on Tuesday, said the new directive was in line with the current efforts to guarantee energy security of the country.

Baru said, “Very close home, we have exploration activities on the Frontier Basin, that is in the Chad; and there are some areas close to the Kolmani River where Shell has made indicative discovery of hydrocarbons and Mr. President has directed me to go into that area to further explore the magnitude and prospects of those finds.

“We are taking steps to get into those regions. We will reinvigorate the frontier exploration and see how they collaborate with the Northern Nigeria Development Company that is holding Block 809 where some of the finds have been found. We will also do the same at the Department of Petroleum Resources for the other blocks that have not been assigned, and work towards proving the prospects of that region.”

But the Ijaw Youth Council and Urhobo Monitoring and Development Group while reacting to the presidential directive said it was a good initiative but came at a wrong time.

The IYC, an umbrella body for the Ijaw youths worldwide, said that the timing for the directive was wrong because of the prevailing situation in the oil industry at the international market, which made such a venture economically unwise.

A statement signed by the spokesman for the group, Eric Omare, said one would have expected that President Buhari-led government should focus on diversifying the nation’s ailing economy, especially areas where the different regions had comparative advantage over the other.

“Ordinary, the IYC would be excited by not just a Presidential directive to explore for oil in any part of the North but discovery of oil in the North. This is so because we strongly believe that the struggle of the people of the Niger Delta region for equitable distribution of oil money would become a reality once oil is found in the North as well.”

On its part, the National President of the Urhobo Monitoring and Development Group, Kingsley Oberuruaria, posited that while the directive was good, it was a self-serving step to further annihilate the people of the region from benefitting from its God-given natural resources.

Oberuruaria explained that the desire of the President was to cut the region out of the country’s scheme of things once oil production fully came alive in that region while the Niger Delta, which had been feeding the nation, would forever be neglected.

The Niger Delta youth leader posited that such a presidential directive should be put into various ailing industries in the country such as the Delta Steel Company in Aladja, Delta State, which he said was capable of employing hundreds of thousands of unemployed Nigerian youths.

“I’m sure this directive was as a result of the prevailing crisis in the Niger Delta region. President Buhari has been looking for ways to cut off the region instead of being resolute to develop the region which has been neglected by every successive government,” he said.

But two prominent leaders of the pan-Yoruba socio-cultural organisation, Afenifere, Chief Sehinde Arogbofa and Yinka Odumakin, differed on the issue.

Arogbofa, who is the Secretary-General of the association, said it would be part of the way to restructure the country, which the association had been clamouring for.

He said, “There is nothing wrong if they find oil in the North. That is why we are calling for restructuring; if that is his (Buhari) own restructuring agenda, it is okay. We already have oil in the South and if he orders for prospect of oil in the North, there is nothing wrong in that .”

But the group’s spokesman, Odumakin, said it was a wasted effort. He recalled, “Mr. Alan Lennox-Boyde, the Secretary of State for the Colonies in a memorandum on Nigerian Constitutional Conference wrote in 1958: The North fears and dislikes the more educated Southerners and if they were not economically bound to the federation, they would be glad to be quit of it. What he stated has not changed much till date and this may explain the desperate search for oil in the North at a time oil is becoming worthless.”

Also, the President, Campaign for Democracy, Bako Usman, said the President was not getting good advice.

He said, “What is worth doing, they say, is worth doing well. We as a people need to acknowledge the fact that this government needs an effective economic direction. For now, most people around Mr. President on the pay roll of taxpayers money are just but ill Advisers.

The Pan-northern socio-cultural group, Arewa Consultative Forum, said it was not aware of the  Presidential pronouncement on oil exploration in the region.

The National Publicity Secretary of the forum, Muhammad Ibrahim, told one of our correspondents in Kaduna on Tuesday that he was not aware of Buhari’s order to the NNPC to prospect for oil in the region.

The Head of Energy Research, Ecobank Capital, Mr. Dolapo Oni, said the move must have been informed by the need to reduce the reliance on the Niger Delta and reduce the country’s vulnerability to attacks in the region.

He said, “But, at a time when we don’t have enough money to run the economy, even though oil servicing charges are a lot lesser now due to the drop in oil prices, it is still not the right time to dedicate a large amount of money to search for oil in the North.

“Ideally, the idea will be a concession and allow companies do whatever they need to do. If we want to do 2D and 3D seismic, we can do it, gather that data and allow oil companies to come and do their own search. But if we are dedicating the NNPC’s scarce resources to going beyond the 2D and 3D, I think it may not be the best of time.”

The Project Director, Uquo Gas Field Development, a joint venture project by Frontier Oil Limited and Seven Energy, Mr. Abdullahi Bukar, described the renewed efforts towards exploring for oil in the Benue Trough and Chad Basin as a very good development.

He said, “I hope that a well-thought-out policy will be put in place because anything that will increase Nigeria’s oil and gas reserves is very welcome.”

The Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said the discovery of oil in Niger Republic must have been a major boost for Nigeria to continue to prospect for oil in the Sahel region.

Describing the effort to diversify the nation’s oil and gas production as a good move, he said, “It depends on the level of resources being committed to it. I think it is something the government needs to be very circumspect in committing resources to it. It is very likely that what would be achieved in the Chad Basin will be marginal deposits. So, I don’t think the government is going to be too bullish in terms of the resources it is going to commit to such effort.”

The Director-General, West African Institute for Financial and Economic Management, Prof. Akpan Ekpo, said, “There is nothing wrong in getting more oil. But my worry is the dependence on non-renewable resources without adding value to it.”

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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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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