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Senate postpones public hearing for NNPC, Dangote, others
The Senate has postponed the public hearing for the alleged sabotage in the petroleum industry.
The Senate explained that the hearing was postponed for wider consultations with stakeholders whose input and participation would add value to the conclusion of the investigative hearing.
Some key stakeholders summoned to appear before the committee at a public hearing scheduled for September 10 to 12, 2024, include the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, officials of the Nigerian National Petroleum Company Limited, the Central Bank of Nigeria, and the Nigeria Ports Authority.
Other entities summoned are the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Upstream Petroleum Regulatory Commission, Nigeria Customs Service, Nigerian Navy, International Oil Companies, Dangote Group, Capital Oil, and modular refineries.
The upper chamber also cited legislative exigencies aimed at further deepening due diligence in conducting the investigative hearing as another reason for postponing it.
The Leader of the Senate and Chairman of the Senate Ad-hoc Committee to Investigate Alleged Economic Sabotage in the Nigerian Petroleum Industry, Senator Opeyemi Bamidele (APC, Ekiti Central), gave these reasons in a statement on Sunday.
The Senate had set up the ad hoc committee to investigate billions spent on maintaining the nation’s refineries, shine a spotlight on regulatory agencies’ overpayment to transporters, and unravel the alleged importation of hazardous petroleum products and dumping of substandard diesel into the country.
The ad-hoc committee had concluded its pre-investigation undertakings and held an interactive session with the heads of Ministries, Departments and Agencies as well as some private interests in the downstream and midstream petroleum sector.
After the exhaustive engagement with select MDAs and private oil firms, the ad-hoc committee subsequently scheduled its investigative hearing for Tuesday, 10th to Thursday, 12th September 2024
However, in his statement on Sunday, Bamidele explained the decision of the ad-hoc committee to postpone the investigative hearing after due consultation with all its members and key actors in the petroleum industry.
He, further, noted that the ad-hoc committee would communicate a new date for the conduct of the investigative hearing to all the stakeholders in due course.
Explaining the compelling reasons for the deferment, Bamidele noted that the decision for the postponement was taken in the best interest of the federation and its teeming population.
He further explained that the postponement became imperative considering the compelling need “to consult more widely with expanded stakeholders within and without the petroleum industry and legislative exigencies to further deepen due diligence in the conduct of the investigative hearing “
He added that the prevailing realities in the country that demanded urgent interventions of nearly all the stakeholders in the public and private sectors across 36 states of the federation and Federal Capital Territory informed the resolve for the postponement.
Bamidele said, “While we deeply regret all inconveniences it may have caused all the stakeholders collectively or individually, this decision was taken purely and solely in the national interest.”
He explained that each of these decisions was taken to enable the ad-hoc committee a holistic approach to the public hearing and find lasting solutions to the challenges confronting the petroleum sector of the economy.
Bamidele, therefore, assured all the stakeholders that a new date for the public hearing would be communicated to them in due course.
This came as the Kwara State Council of the Nigeria Labour Congress appealed to the Federal Government to reverse the recent increment in the price of petrol.
The union in a statement issued on Sunday by the State Chairman of NLC, Muritala Olayinka, described the increase as an “assault on workers wellbeing and a breach of contract.”
It told the Federal Government to reverse what it called “economic policies that are not labour-friendly and anti-people”.
After NNPC hiked petrol prices last week, independent fuel stations adjusted and dispensed the commodity between N1000 and N1200 per litre.
In some fuel stations in Ilorin, the Kwara State capital, for instance, a litre of fuel is dispensed at N1000.
Reacting to this, the NLC chairman took a swipe at the Federal Government for reneging on the agreement it reached with the organised labour, recalling that the decision to accept N70,000 as the new minimum wage was on the basis that there won’t be a hike in petrol price.
Olayinka noted that the government was insensitive to raise the pump price of fuel at a time when the citizens were experiencing economic hardship on account of economic policies.
The NLC chairman however urged the citizens to remain calm and steadfast and avoid acts capable of causing tension, saying that the leadership of the organised labour is working and monitoring the trend of events arising from fuel price increases.
He said, “The Nigeria Labour Congress Kwara State Council received the news of the recent fuel price hike with indignation. This hike is worrisome due to the harsh socio-economic situation in the state and Nigeria at large.
“It is with a deep feeling of compassion and patriotism that we address our workers and the general public on the economic dilemma of the moment caused by the hike in the price of PMS otherwise known as petrol.
“The increase in the petrol price during this period of economic hardship and strangulation calls for a deep sense of concern that may culminate in a national debate or dialogue on the direction toward the living standards of workers and Nigerian people.
“Consequently, it is our resolve to engage the government to bring succour to the working class people and the Nigeria masses. We are working with the relevant stakeholders and authorities to bring hope to our members and the general public,” he said.
The union urged the Federal Government to review and revert some of its economic policies that are not labour-friendly and anti-people.
The Situation Room on Transparency and Accountability, has urged President Bola Tinubu, to probe the US$1.5 billion budgeted for repair of the Port Harcourt refinery.
Convener of the group, Michael Omoba, in a statement yesterday, also demanded forensic audit of the financial transactions of the Nigeria National Petroleum Corporation Limited (NNPCL), at least in the last five years.
Omoba, in addition, requested a publication of the list of beneficiaries involved in the 80 million barrels allegedly given to non-state actors.
He said: “We, The Situation Room On Transparency And Accountability, therefore make a demand for a comprehensive audit and prosecution as follows:
“A forensic audit of all NNPCL financial transactions carried out in the last five years; open publication of the list of beneficiaries involved in the 80 million barrels allegedly given to non-state actors, a breakdown with the full report on how $1.5 billion was spent on the Port Harcourt refinery; a legislative oversight hearing to make sure that the National Assembly maintains the highest transparency requirements for the newly appointed NNPCL board.”
He said further: “This call isn’t one that is driven by vendetta or vengeance. Rather, it is burning patriotic desire to see Nigeria become a developed and prosperous nation that makes good use of its natural resources through committed, transparent and accountable leaders.
“The NNPCL as custodian of our common patrimony must never be left to continue operating like an individual property which is impervious to public scrutiny.
“The time for silence is over. We are tired of watching our commonwealth being pillaged by a select few. President Tinubu’s administration has truly shown a commitment to reforming Nigeria into greatness, and we stand firmly in support of his vision and agenda.
“Nonetheless, a reform without accountability is merely cosmetic. The new helmsman, Engineer Bashir Bayo Ojulari, must be forewarned: the era of impunity is over. Nigerians will not tolerate another phase of misappropriation and concealment.”
The International Monetary Fund (IMF) has expressed concern over the high poverty rate and food insecurity in Nigeria, despite the modest gains achieved by the Federal Government through various reforms implemented so far.
However, the IMF commended Nigeria for taking important steps to stabilise the economy, enhance resilience, and support growth.
The Fund warned that the country’s macroeconomic outlook remains highly uncertain, as elevated global risk sentiment and lower oil prices could impact the Nigerian economy.
The IMF made these observations following the completion of its 2025 Article IV Staff Mission to Nigeria.
A team from the IMF, led by Axel Schimmelpfennig, IMF Mission Chief for Nigeria, visited Lagos and Abuja from 2 to 15 April to hold discussions for the 2025 Article IV Consultations with Nigeria.
At the end of the visit, Mr Schimmelpfennig issued a statement saying, “The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth.
“The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies have been removed, and the functioning of the foreign exchange market has improved.
“However, these gains have yet to benefit all Nigerians, as poverty and food insecurity remain high.
“The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
“The reforms implemented since 2023 have placed the Nigerian economy in a stronger position to navigate this external environment.”
Looking ahead, the IMF advised the Federal Government to adjust its macroeconomic policies to further strengthen buffers, reduce inflation, and enhance resilience, while creating enabling conditions for private sector-led growth.
“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices. A neutral fiscal stance would support monetary policy in bringing down inflation,” the IMF stated.
The IMF further advised that, to safeguard key spending priorities, fiscal savings from the removal of fuel subsidies should be channelled into the budget.
“In particular, adjustments should protect critical, growth-enhancing investments while accelerating and broadening the delivery of cash transfers under the World Bank-supported programme to provide relief to those experiencing food insecurity.
“A tight monetary policy stance is required to firmly guide inflation down. The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty.
“Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations,” the IMF said.
The IMF team that visited Nigeria for consultations met with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Agriculture and Food Security, Abubakar Kyari; the Central Bank of Nigeria Governor, Yemi Cardoso; senior government and central bank officials; the Ministry of the Environment; the private sector; academia; labour unions; and civil society.
The Nigerian Railway Corporation (NRC) on Saturday announced the extension of the suspension of Warri-Itakpe train services due to additional time needed to implement redundancies for sustainable operations.
According to a statement signed by the NRC acting Director, Public Relations, Callistus Unyimadu, the extended period will also be used to address other operational issues related to improved customer service, equipment safety practices, and procedures.
The NRC statement reads: “The general public will recall that the management of the Nigerian Railway Corporation (NRC) temporarily suspended full rail services on the Warri Itakpe Train Services (WITS), on Thursday, 10th April, 2025, due to some technical and operational issues for safety, better customer service experience and improved operational efficiencies.
“The management of the Corporation, under the leadership of Dr. Kayode Opeifa wishes to further clarify that while the major technical issues has been resolved by our technical team, additional time is required to implement necessary redundancies that will support sustainable operations in line with best practices.
“This period will also be utilized to address other operational concerns, including improvements in customer services, equipment safety standards, and procedural upgrade.
“We appreciate the understanding and patience of our esteemed passengers and sincerely apologize for any inconvenience this may cause.
“Be assured that Warri-Itakpe Train Services will soon be back, bigger, stronger and better.”
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