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Stop crude-for-loan deals, Dangote tells govt

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The President of Dangote Group, Aliko Dangote, has said that Nigeria needs to stop mortgaging crude oil to ensure the availability of feedstock for local refineries.

Dangote, who spoke at a summit organised by the Crude Oil Refinery Owners Association of Nigeria in Lagos, said it was unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, Nigeria and African countries are spending oil proceeds from the future.

“To ensure sufficient feedstock availability we will need to stop mortgaging crude. It is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today,” he stated.

On October 4, 2024, The PUNCH exclusively reported that the Nigerian National Petroleum Company Limited had pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn.

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The report stated that pledging 272,500 barrels daily meant that about 8.17 million barrels of crude would be used for different loan deals by the national oil firm on a monthly basis.

This, it said, was according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements.

On Tuesday at the event, Dangote, who was represented by the Group Executive Director, Mansur Ahmed, said the country must also prioritise the implementation of the domestic crude.

“We will also need to prioritise the implementation of the domestic crude supply obligation. We will need to expand crude production capacity to support demand from the refinery,” he submitted.

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He also revealed that the company built the 650,000 barrels per day capacity Dangote refinery In Lagos without any incentive from the government.

“We built the Dangote refinery without a single incentive from the government. However, to achieve the vision of turning Nigeria into a refining hub for the region, investors need to be incentivised,” he stated.

Dangote maintained that 1.8 million barrels of new refining capacity is coming on stream in the next three years in Kuwait, China, and Bahrain.

On the other hand, he said Europe is tightening environmental standards while Holland and Belgium have banned exports of low-quality petroleum products from their hubs, stressing that these low-quality products used to be destined for Africa.

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Quoting a report, Dangote mentioned that several refineries across Europe and China, with a total capacity of 3.6 million barrels per day are likely to be shut down over the next couple of years.

He said, “It was recently in the news that Scotland’s only refinery will be shut down next year. Shell is converting the 7.5 million tonnes per annum refinery in Germany to a lubricating plant.

“So, the opportunities are there. Africa imports about 3 million barrels per day of petroleum products. About half of this volume is imported by countries along the coast from Senegal to South Africa.

“These same countries produce over 3.4 million barrels of crude per day, which indeed highlights the problem of the dimension of excess crude production capacity without refining capacity. The imports come from Europe, Russia, and other parts of the world.

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“So to grab this opportunity, we will need to build 1.5 million barrels per day of additional refining capacity. This would not be an easy feat, and strong support from the government and cooperation between stakeholders would be essential.”

This came as the Federal Government announced that it has officially designated the Dangote refinery as the exclusive supplier of jet fuel or Jet A1 for Nigerian airline operators.

This was disclosed by the Minister of Aviation, Festus Keyamo, during an interview with Channels TV on Tuesday.

“The airline operators just met recently. With my blessing, it’s a decision from the airline operators in Nigeria that they should only buy from Dangote refinery Jet A1,” Keyamo said.

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“You can see that yesterday we started the naira-for-crude purchase with Dangote. It’s all naira, no dollar component,” he added.

Keyamo further explained that sourcing jet fuel from Dangote would protect airline operators from the volatility of international oil prices, ultimately lowering their operational expenses.

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SAD! Jigawa Tanker Explosion: Death Toll Rises To 153

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Death toll has risen to 153 with 100 people hospitalized in a tanker explosion in Majia local Government area of Jigawa State.

The death toll rose to 105, while 70 others sustained various degrees of injuries.

In a fresh statement, the police spokesman, DSP. Lawan Shiisu Adam confirmed the increase in the number of victims.

He said those that have lost their lives have been buried in a mass grave, while those injured were currently receiving medication at Aminu Kano, Jahun, Nguru, Hadejia, and Gumel hospitals.

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Meanwhile, Governor Mallam Umar Namadi has expressed his deep sorrow over the tragic incident.

Governor Namadi, who swiftly visited the place of the accident and joined in performing the funeral prayer and mass burial of the deceased.

According to him, “Our thoughts and prayers are with the families of the victims during this painful time.

“We stand in solidarity with those who have lost loved ones and those injured in this tragic incident.”

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Governor Namadi also said the state government will cater to the treatment of all those injured in the inferno who are now receiving treatment in various hospitals across the state and beyond.

He said the State Government will ensure that “the affected families receive the needed assistance as we continue to work on preventing such tragedies in the future.”

According to the latest figures by the State Emergency Management Agency (SEMA), 107 people have so far died in the accident, while 57 have been hospitalised with various degrees of burn.

Governor Namadi urged the public to always prioritize safety during such emergencies and avoid gathering at accident sites to prevent further tragedies.

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Oil magnate sues EFCC for unlawfully declaring him wanted

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Unidentified EFCC Operative Takes Own life

Chairman/CEO of Global Signature Hotel and Total Grace Group Limited, Dr. Henry Mobolaji Akinduro, has filed a N5 billion lawsuit against the Economic and Financial Crimes Commission (EFCC) for allegedly declaring him wanted unlawfully.

In the suit filed yesterday at the Federal High Court, Lagos, Akinduro submitted that the EFCC declared him wanted without any form of judicial intervention, recourse to constitutional safeguards or order of court.

The EFCC on Friday, October 11, 2024 about 7.20pm on its official twitter handle, also known as ‘X’ declared the oil magnate ‘Wanted’. The businessman is praying the court to order the EFCC to remove his name from the wanted list published on the commission’s official website or any other related platform including Twitter (X).

Akinduro is seeking N5 billion as “general damages”.

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On Monday, the businessman, via his counsel, Olalekan Ojo (SAN) had petitioned the Chairman of the EFCC over the unconstitutional violation of his fundamental human rights to personal liberty and human dignity by the publication of his name on the list of wanted persons on the EFCC’s website.

Ojo averred in the petition that at all times preceding the said publication, there was no order of any court of competent jurisdiction authorising the said publication and no charge had been preferred against our client before any court.

According to Akinduro’s lawyer, the Commission had allegedly made the said illegal or unlawful publication declaring him wanted upon the prompting or instigation of one Mr. Femi Olushakin who had earlier written a petition against the oil magnate in respect of a N240 million contractual dispute between them —Messrs Olushakin and Akinduro.

He affirmed that disputes had arisen from the investment agreement entered into between the two men leading to Olushakin petitioning EFCC.

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“Our Client (Akinduro) was invited by the Commission on 4th June, 2024 and he immediately responded via letter dated 5th June, 2024 notifying the Commission of his unavailability due to medical reasons. In the said letter, it was stated therein that our Client was out of the Country receiving medical attention. He subsequently provided assurances that he would be present at the Commission as soon as he was medically cleared to travel. It is pertinent at this juncture to chronicle the genesis of the subject matter which led to the declaration of our Client Wanted by the Commission,” Ojo stated.

The Counsel disclosed that there was a business transaction between Akinduro and Olushakin which was backed by a viable collateral which included Akinduro’s Global Signature Hotel worth N500 million, three (3) 60-Seater Yutong buses valued at over N240 million and a Toyota 4Runner SUV.

Ojo claimed that Olushakin has sold the three 60-Seater Yutong buses and currently drives around the city in the Toyota 4Runner SUV which were used as collateral by Akinduro.

“It is clear from the above that this is a purely civil business transaction with no element of criminality embedded in it. Mr. Femi Olushakin maliciously petitioned the Commission after selling the 60-Seater Yutong buses and currently using the Toyota 4runner SUV for his personal use,” he stated.

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The senior lawyer added that despite Akinduro’s medical condition overseas, he has maintained close communication with the Commission.

He said: “Our Client regularly sends his Legal Officer to the Commission, affirming his willingness and desire to appear before the Commission upon due confirmation of his being fit to travel by his doctors. There was no further request by the Commission inviting our Client before the unlawful publication.

“It is to be further noted that on 11 October, 2024, our Client’s Legal Officer was physically present at the office of the Commission around noon to submit a correspondence to the Commission and he also reassured the Operatives of the Commission of our Client’s desire and willingness to cooperate with the investigation by the Commission upon his arrival in Nigeria.

“It is regrettable that despite the repeated reassurances of our Client to cooperate with the investigation upon his arrival in Nigeria, the Commission proceeded to declare our Client ‘Wanted’ later that same day at about 7.20pm without an order of Court and in the absence of a valid charge in a Court of law.

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“The Commission published our Client’s name and photograph depicting our Client as a fugitive from the law and branded him “WANTED” without any evidence of evading investigation. This action of the Commission has not only defamed our Client but also violated our Client’s right to freedom of movement without the order of the Courts.

“The Commission has also by the unlawful publication subjected our Client to public humiliation and ridicule thus causing our Client loss of personal and business relationships as well as reputational damage. It is our instruction that since the publication, our Client has been inundated with calls, Whatsapp messages from his business associates all over the world who had read the post expressing their disgust and dismay at the defamatory publication, and the said publication has also caused our Client emotional trauma and distress.”

Akinduro, through his lawyer, said he considered it imperatively necessary to put the records straight with a view to showing that the fraud allegations are trumped-up allegations aimed at causing incalculable damage to his hard earned but richly deserved reputation.

“It is pertinent to state that the petition against Dr. Henry Akinduro was an ignoble attempt to criminalize purely contractual disputes that had arisen from the investment agreement between Dr. Henry Akinduro and the Petitioner, Mr. Femi Olushakin.”

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Ojo stated that the commercial or contractual disputes had earlier been referred to the competent Court by the parties before Olushakin resorted to lodging the fraud allegations against the oil magnate for reasons best known to him.

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EFCC an unlawful organisation, Agbakoba writes National Assembly

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Legal luminary, Dr. Olisa Agbakoba (SAN), has described the Economic and Financial Crimes Commission (EFCC) as an “unlawful organisation” that was “unconstitutionally established.”

Agbakoba made this claim in October 14 letters to the Deputy Senate President, Barau Jibrin and Deputy Speaker of the House of Representatives, Benjamin Kalu.

They are the Chairmen of the Adhoc Committee on the review of the Constitution in both chambers of the National Assembly.

In his letter titled: “Re: Urgent legislative constitutional reforms relating to law enforcement agencies and anti-corruption efforts,” Agbakoba drew the attention of the National Assembly to constitutional issues related to law enforcement agencies and factors inhibiting the government’s objective of abolishing corruption as stated in Section 13 of the Constitution.

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He said: “I very strongly believe the EFCC is unconstitutionally established.

“The powers under which it was established go beyond the powers of the National Assembly.

“The EFCC is an unlawful organisation.”

Agbakoba, a former President of the Nigerian Bar Association, said he was delighted to note that many states had finally taken it upon themselves to challenge the constitutionality of the EFCC.

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“This will put to rest the question relating to the validity of the EFCC.”

The letter to the Deputy Senate President, reads in part: “I write to draw attention to certain constitutional issues on matters related to law enforcement agencies. As you are obviously aware, the fundamental objective of the government is to abolish corruption.

“But from my observation, there is no harmony amongst law enforcement agencies on corruption. They all appear to be working at cross purposes.

“This has been confirmed by the Supreme Court in so many cases. The Supreme Court has consistently sanctioned the EFCC for its conduct and questioned if the EFCC can in fact validly do what it does.

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“I will go further to say that I very strongly believe the EFCC is unconstitutionally established.

“The powers under which it was established go beyond the powers of the National Assembly. The EFCC is an unlawful organisation.

“I am very delighted to note that many states have finally taken it upon themselves to challenge the constitutionality of the EFCC.”

“This will put to rest the question relating to the validity of the EFCC.

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“Whilst we await the decision of the Supreme Court as the final court on the matter, I respectfully request that the Senate convene a public hearing to consider these constitutional issues.

“Such a hearing would provide an invaluable platform for stakeholders to discuss the reforms needed to strengthen Nigeria’s legal and institutional frameworks for law enforcement and anti-corruption, which will meet the stated and laudable objective of the government to abolish corruption as stated in Section 13 of the Constitution.

“I trust that, under your capable leadership, the Senate Constitution Review Committee will give these matters urgent attention in the interest of our nation’s development.”

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