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Controversy As Nigerian Petrol Company, NNPCL 2022 Audited Report Shows It Paid 20% Shares In Dangote Refinery

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The Nigerian National Petroleum Corporation Limited (NNPCL) Audited Report for 2022 has shown it paid for 20% shares in the Dangote Refinery.

The revelation came despite Dangote’s denial that the what the corporation paid was only 7.2%.

A report by Afrisagacity shared on X handle analysed that under President Muhammadu Buhari’s regime, the NNPC committed to invest $2.7bn and buy 20% shares in the Dangote Refinery.

According to the report, in January, the NNPC, after intense pressure, released its Audited Financial Report for 2022. In the report, they stated that they purchased 20% shares in the Dangote Refinery for $2.7billion.

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They claimed to have obtained $1.036 billion (as part of the funding) from Lekki Refinery Funding Limited. $1 billion was paid to Dangote Refinery – which is about 37% of $2.7 billion they claimed to have invested.

Of course, the remaining amount of $36 million was for just transaction costs.

Tinubu took over from Buhari and, in December, he set up a new NNPC Board, where he made his longtime friend and ally, Pius Akinyelure the NNPC Board Chairman and reappointed Malam Mele Kyari as NNPC Group CEO.

In a sudden turn, the NNPC that had committed to buy 20% shares, backed down. Dangote had given them an extension period (till June) to complete the $2.7 billion for the shares. But they couldn’t.

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Meanwhile, the public still believed that they had a 20% shares in the Dangote Refinery – not until Sunday, when Dangote himself, revealed that the NNPC had invested only 7.2%.

Shortly after Dangote broke the news, the NNPC rushed to react. In its defence, it said “NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.”

“One, what exactly are the NNPC “strategic goals?” They say it’s “to ensure access to affordable, reliable, sustainable and modern energy for all”.

“How and when did the NNPC 20% equity investment in the Dangote Refinery go against its “strategic goals” as highlighted above?

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“Two, in its statement, the NNPC validated what Dangote said that they invested only 7% of the $2.7 billion they initially committed to pay.

“This sharply contrasts and invalidates their claim of paying $1 billion to Dangote Refinery (for the shares) in 2022 – which is about 37%.

“So, if the NNPC confirmed that they had paid $1 billion to Dangote Refinery – which is about 37% – how did they come about the 7%?

“Also, where is the balance? Did Dangote Refinery refund it?

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“Three, why exactly did the NNPC back down on their initial commitment of investing 20% on the Dangote Refinery shares?

“Is it truly true that they realigned their “investment portfolio, according to their strategic goals” or is it a grand plan that’s wrapped in a scam deal?” the report queried.

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

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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:

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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.

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Before final liquidation, NDIC set to auction Heritage bank properties

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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.

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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.

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“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.

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Naira slumps in parallel market

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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.

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