Connect with us

News

Reps Threaten To Sanction Total, Shell, Agip, Chevron, Others Over Loss of $60bn Inflated Cash Calls By NNPCL Joint Venture Agreements

Published

on

 
By Gloria Ikibah 
 
The House of Representatives Joint Committee on Finance and Petroleum Resources (Upstream) has threatened sanctions to the full extent of the law against companies and agencies who have refused to appear before the committee for an investigation of the loss of $60 billion inflated cash calls by the Nigerian National Petroleum Company Limited (NNPCL) Joint Venture Agreements.
 
The Joint Committee which is co-chaired by Rep. James Faleke (Finance) and Rep. Alhassan Ado-Doguwa (Petroleum Resources), had in the past week expressed displeasure at the absence of Chief Executives of companies and agencies linked to the probe at the hearings.
 
It criticised the poor submissions by the few companies that turned up, even as they condemned the habit of sending representatives by the invited companies and agencies.
 
Infuriated by the uncooperative attitude of those invited, Co-Chairman, Rep. Ado-Doguwa, at the hearing on Friday, said the Committee would not take it lightly with those who attempt to undermine the constitutional power of the parliament.
 
The lawmaker said the agencies are involved with huge amounts of resources that would have been used to better the lives and livelihoods of Nigerians, hence must be held accountable.
 
He said, “For those who have not come because there were several companies and agencies that were invited and it’s like they were insensitive to the invitation of this important committee. 
 
“For those who chose to disregard what the parliament is doing here, this committee would not take it lightly with anyone or institution who wants to undermine the constitutional powers of this important hearing to investigate the affairs of public finance of this great country, Nigeria.
 
“Myself and all members of the committee are of the view that we would be compelled going forward to invoke and also create any means possible to use the available instrumentalities of law to make sure that whoever is invited appears and if any of them decide not appear, then at the end we would be compelled to use the instrumentalities of the law around us to compel appearance.
 
“Because obviously no one of us would takes lightly some of the insensitive actions or inactions of some of the agencies of government especially in matters that involve huge amounts of resources. Resources that would have been used to better the lives and livelihoods of Nigerians. That would have been used to improve a lot in the course of government and the course of governance in our great country Nigeria.
 
“I would like to direct the clerk to go through his books and let us have on record those who were invited and have not explained reasons why they did not come. Let us also know those who have responded by way of apology or any other reason not to appear and then the committee would take appropriate actions in that regard.”
 
Some of the companies and Agencies who are involved in the investigation are Total Exploration, ⁠Shell Petroleum, Agip, Chevron, Oando, ⁠Mobil, ⁠Pan Ocean, ⁠Erotton, ⁠Belema, First Exploration, and New Cross Exploration.
 
Others are Seplat Petroleum, Amini International Petroleum, West Africa Exploration and Production Limited, Walter Smith Petroleum Limited, ND Western Limited, Sahara Energy Limited, First Hydrocarbon Nigeria Limited, Neconde Energy Limited, Elcrest Exploration and Production Limited, and Shoreline Natural Resources Limited.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Just in: Plateau Govt Approves N70k Minimum Wage for Civil Servants

Published

on

By Kayode Sanni-Arewa

In line with discussions reached after consultation with relevant stakeholders, the Plateau State Government has approved immediate implementation of the N70, 000 minimum wage for the workforce in Plateau State.

The cheering news is contained in a Press Statement signed by the Head of Civil Service in the State, Stephen Pam Gadong.

Full text of the statement reads in part:

Advertisement

Following the Agreement of the Committee on Consequential Adjustment on Salaries on 13th, November, 2024, the Executive Governor of Plateau State, His Excellency Barr. Caleb Mutfwang, has approved the immediate implementation of the N70,000 minimum wage for workers in the state.

The Implementation is a demonstration of the Governor’s commitment to prioritizing the wellbeing of the workforce in acknowledgement of their invaluableble role in driving the State’s developmental goals.

As the new wage policy is administered, Civil Servants are encouraged to embrace this gesture by recommitting to their duties with renewed dedication and zeal in order to foster a culture of productivity and excellence in service in the State.

Advertisement
Continue Reading

News

Before final liquidation, NDIC set to auction Heritage bank properties

Published

on

In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.

According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.

This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.

Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.

Advertisement

The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.

“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.

Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”

Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.

Advertisement

“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”

Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.

Continue Reading

News

Naira slumps in parallel market

Published

on

The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.

According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.

The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.

As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News