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Reps To Probe NNPCL Over Alleged Misappropriation, Illegal Expenditure Of Frontier Exploration Funds

Published

6 months ago

June 5, 2024

The House of Representatives has resolved to investigate the alleged misappropriation and illegal expenditure of frontier exploration funds by the Nigerian National Petroleum Company Limited (NNPCL).

This was sequel to a motion of urgent public importance by Rep. Billy Osawaru on the “Urgent Need To Investigate The Alleged Misappropriation And Illegal Expenditure Of Frontier Exploration Fund By The Nigerian National Petroleum Company Limited (NNPCL) Without The Prior Approval Of The National Assembly As Required By The Petroleum Industry Act, 2021”, on Tuesday at plenary.

Debating the motion Rep. Osawaru noted that section 4(2) of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended) empowers the National Assembly to make laws for the order and good government of the federation or any part thereof.

He also noted that section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended) empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly.

The lawmaker stated that Section 9(4) of the Petroleum Industry Act 2021 (PIA) establishes the Frontier Exploration Fund to be 30% of NNPC Limited’s profit oil and profit gas as in the production sharing, profit sharing and risk service contracts.

The motion reads: “Further aware that section 9(5) of the Act, mandates NNPCL to solely utilize the Frontier Exploration Fund for the development of frontier acreages and utilize the funds to carry out exploration and development activities in the frontier acreages to carry out exploration and development activities in the frontier acreages subject to appropriation by the National Assembly.

“Informed that the NNPC Limited has consistently accessed and expended funds from the Frontier Exploration Fund without prior appropriation and approval by the National Assembly as required by the Act.

Further informed that hundreds of millions of dollars have been irregularly withdrawn from this Fund and expended on white elephant projects, unauthorized and illegal projects that appear patently illegal and in contravention of extant laws and due process requirements under the Constitution and the PIA.

“Disturbed that this alleged conduct by NNPC Limited grossly undermines the oversight powers of the National Assembly over the expenditure of public funds as enshrined in the Constitution. It also represents an affront to the principles of transparency, accountability and probity in the management of public finances.

Emphasizes that such brazen acts of illegality, if proven, cannot be condoned under any circumstances as they breed a culture of impunity, undermine our laws, and sabotage our collective efforts at institutionalizing fiscal discipline and good governance across all sectors”.

Rep. Osawaru further acknowledged that this is a grave financial misconduct which has far-reaching implications on our ability to effectively conduct oversight and enforce compliance with all extant laws, including the PIA which we worked so hard to enact in pursuit of transparency and accountability in Nigeria’s petroleum industry.

“It is thus incumbent on this House as representatives of the Nigerian people to take prompt action to investigate this matter and ensure that all perpetrators are brought to book”, he added.

The House adopted the motion and mandate the House Committees on Petroleum Resources Upstream to investigate and report back within four weeks for further legislative action.

News

Enugu ready to provide evidence against Ekpa, hails arrest

Published

1 hour ago

November 22, 2024

Naijablitznews

Enugu State Government has hailed the Government of the Republic of Finland for the arrest of the Finland-based leader of the criminal gang, Autopilots, Simon Ekpa, describing him as a common criminal, con man, and terrorist, who has no interest of Igbo people at heart.

The government also described Ekpa as a murderer and fraudster, who delights in killing his people and living large off their misery, saying that Enugu State was ready and willing to provide evidence of Ekpa-sponsored atrocities against Ndigbo to aid his trial and conviction, whether in Finland or Nigeria.

This was contained in a statement issued by the Secretary to the State Government, Prof. Chidiebere Onyia, on Friday.

“The Enugu State Government welcomes the arrest of the Finland-based terrorist, Simon Ekpa.

“His arrest and trial will no doubt go a long way in strengthening peace, security, and stability in all parts of the South East.

“This arrest is in line with the demand of Governor Peter Mbah Administration, which has repeatedly made it known that Ekpa is a megalomaniac, common criminal, murderer, and fraudster, who takes joy in feeding fat on the manipulated emotions of Ndigbo and inflicting misery on the South East region.

See also Bauchi: Head teacher bags 11 years jail term for sexually assaulting 6-year-old pupil
“Ekpa has for long, and unfortunately from Finland, made a living by creating a siege climate and mentality in the South East, destroying lives, property, and the Igbo trademark of entrepreneurship and hard work. He thrives on manipulating, exploiting, and extorting the people on the pretext of fighting for their interest and for the restoration of Biafra,” the government said.

News

“Men Need To Submit Too”, says Pastor Olumide, Quotes Bible Passage To Back His Statement (Video)

Published

1 hour ago

November 22, 2024

Naijablitznews

A pastor has stated that submission in a marriage is not a requirement for women alone.

Pastor Olumide Emmanuel explained that a Christian marriage is not based on “culture” but on the teachings of the kingdom and as a result, men should respect their wives’ opinions and superior judgment and submit when appropriate.

He said: “Men, I will tell you for free, respect a woman’s sensitivity if you want to do well in life.

“Ask any married man that will be honest with you, there are things that if we did not listen to our wife we’d be in trouble by now. And there are times that we didn’t listen, we enter trouble.

“So if you’re a young person now, don’t let Africa kill you. ‘I’m a man of this house, I’m a man of this house, you can’t tell me what to do’. Forget that nonsense.

“Marriage is not an African culture, it’s a kingdom culture and in the kingdom the bible says, submitting yourself one to another. Mutual submission is a kingdom agenda for the marriage.

“So there are times you need to submit to your wife. Submit to your woman.”

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SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 22 November 2024

Published

2 hours ago

November 22, 2024

Naijablitznews

The black market dollar to Naira exchange rate on Friday 22 November 2024 can be accessed below.

NewsOnline Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

According to Bureau De Change (BDC) sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players bought a dollar for N1710 and sold it for N1750 on Friday, November 22, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1730
Selling Rate N1740
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1745
Selling Rate N1750
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.