Corruption: NDDC spends N1.3b on Christmas parties

By Soni Daniel, Regional Editor, North  & Levinus Nwagbuhiogu
 IN pursuit of his anti-graft crusade, President Muhammadu Buhari may have to beam his searchlight on the activities of the Niger Delta Development Commission, NDDC.
If the findings and documents obtained by Saturday Vanguard are anything to go by, the NDDC is panning out as a cesspool of corruption.
The documents indicate that the agency, which is being supervised by the Presidency through the Office of the Secretary to the Government of the Federation, has brazenly ignored the provisions of the Public Procurement Act, PPA, in the award of contracts for projects and services, thereby allowing its cronies to smile home with huge amounts of public funds.
Over-shooting contract limit
The 2007 PPA  sets limits on contracts that key officials of the commission can award; what the board can approve; what should be sent to the Bureau of Public Procurement, BPP, and what the Federal Executive Council should handle, in the spirit of transparency and accountability.oil-thieves
Under the PPA, the Managing Director of the NDDC, can award contracts that are not above N200 million while the board can approve jobs that are not above N1 billion. Specifically, any job above N1 billion must be subjected to a competitive bidding process and awarded by the FEC after being processed by the BPP, another agency under the Presidency.
Contract-splitting
However, findings show that the NDDC management has chosen to use contract-splitting as a weapon to award huge contracts beyond its limit without passing through the BPP, thereby making it possible for ‘insiders and their associates,’ particularly influential political elements, to make away with billions of Naira from the commission.
Ignored Jonathan’s directive
The commission under the current board, appeared to have ignored former President Goodluck Jonathan’s directive to it not to award new contracts but to strive to complete abandoned ones so as to clear the backlog of funds being owed local contractors.
Contact bazaar
Contrary to the Presidential directive, the new board embarked on contract bazaar within the first two weeks of its inauguration actively acquiring even second-hand exotic vehicles at the cost of new ones.
Documents at the disposal of Saturday Vanguard show that within its first two weeks the managing director single-handedly issued a local purchasing order, LPO, valued at N888,175,500 million to a Port Harcourt-based car dealer to supply 40 assorted vehicles.
Of the vehicles ordered, four were armoured Sport Utility Lexus and Land-cruiser vehicles valued at N213.8 million. It is not clear when the vehicles were supplied and who is using them.
Shortly after the acquisition of the expensive vehicles, the commission ordered the procurement of security vehicles for the Nigeria Police at the cost of N12.5 billion to enable the police provide adequate security for the nine Niger Delta states of Abia, Imo, Akwa Ibom, Cross River, Bayelsa, Rivers, Edo, Delta, Edo and Ondo.
However, to prevent the huge contract from getting to the BPP and the FEC for scrutiny and approval, the commission carefully split the supply job into 12 slots and awarded it at the cost of N985 million to each of the contractors.
Not done, the NDDC shortly after awarded another contract worth N2.7b to 30 limited liability companies suspected to be owned by close associates of key officials for what it called “Intelligence-gathering and management.” Each of the 30 firms got N99.7 million from the NDDC for the job which should have been handled by the security agencies.
The contract bazaar was quickly followed by another award of N1.6 billion job carefully split among 85 companies for the ‘procurement, transportation and delivery’ of waste disposal trucks to the commission.
Each of the ‘lucky’ contractors got between  N61 million to N835 million depending on the strength of their connections with the top hierarchy of the agency and influential politicians managing the commission.
Internal disagreement
The contract bazaar has even led to some disagreement between the board and some accounting/procurement officials.
In one very despicable case, the commission ignored the professional audit query/advice not to award a ‘Quick-impact’ job valued at N715 million to one person to act as both contractor and consultant.
Brewing trouble
But trouble is currently brewing in the commission following the resolve of some aggrieved management staff and top officials to expose the rot in the establishment, leading to the release of financial malfeasance that has been going on in the place since the last board was inaugurated in November, 2013.
One of the documents indicate that the sum of N1.3 billion was approved and released for NDDC Christian Fellowship and NDDC Children and Disable families end-of-the-year parties.
While the Christian Fellowship reportedly received N500 million, the NDDC children and disable families got N800 million.
The commission is also said to have inexplicably moved the sum of N100 billion from its Access Bank account on Agip Road branch to an undisclosed location, in the heat of the last election, in which Buhari won thereby raising eyebrow among staff and stakeholders.
Petitions
Several petitions have been fired to the Presidency to move against the board and urgently launch a full scale probe into the operations and finances of the NDDC, whose contractual obligations now stand at a frightening N800 billion as of the end of July.
The debt is said to have risen exponentially following the award of frivolous and politically-motivated contracts to individuals and groups by the sacked board in the run-up to the last election.
NIDESTAF petition
One of the petitions now before the Presidency and the Economic and Financial Crimes Commission, EFCC was written by Niger Delta Stakeholders Forum, NIDESTAF.
In the petition dated June 15, 2015 and signed by the President, Benson Georgewill and National Secretary, Timi Oghalle, the stakeholders pleaded with Buhari to urgently raise a  probe panel to  ascertain the true position of the finances of the NDDC.
The group also asked the President to take steps to retrieve the funds of the commission from those found to have illegally taken them.
Director to brief Buhari
The happenings in the commission are said to have infuriated the supervisory department in the OSFG. It was learned that a director in the Presidency has decided to brief PMB, next week, on the massive fraud in the NDCC so as to clear his name and office.
Presidency, NDDC officials speak
But when contacted, the Special Adviser to the President on Media, Mr. Femi Adesina, said he was not aware of what the President intends to do with the NDCC.
Adesina said the President has not also mandated him to make any categorical statement on the agency.
The Head of Public Affairs of the NDDC, Mr. Ibitoye Abosede, declined to comment on the situation, saying he has no information regarding the issues.

Exclusive: Jonathan Boys launch ‘Operation Demonize Buhari’

                   Insider account of how they plot to checkmate anti-graft campaign! By MARYAM MUSA On the eve of his departure from Aso Rock last May, the then President Goodluck Jonathan resorted to a hare-brained strategy. In a speech that raised not a few eyebrows, given the occasion and timing, he whined that sooner or later after leaving power on May 29, many of his close aides and cabinet members would face sundry ”persecution” under the watch of the incoming APC-led administration. Discerning Nigerians and political analysts alike did not take long to decode Jonathan’s strategy: with the banner of his administration thoroughly stained by the whiff of corruption, maladministration and all manner of executive rascality, the outgoing president needed no soothsayer or prophet to know that the hour of accountability was approaching fast, more so as the man succeeding him is none other than the no-nonsense, incorruptible, Muhammadu Buhari. Jonathan would, however, rather whip up sentiment and attempt to attract public sympathy than face reality. Rather than focus on his and his aides’ readiness to be accountable and come clean on any deals sealed by his administration, he resorted to so-called ”persecution”. In other words, the gentleman who was roundly trounced in the March 28 Presidential Poll was trying to imply far in advance that any attempt to call Jonathan and Co. to account for his lamentable stewardship would equal to persecution . With the benefit of hindsight, it is now becoming crystal clear that not only was the ex-president crying persecution wolf where there was none: he was laying a foundation for what he would soon become a full-fledged campaign aimed at painting his successor black (so to say) and put him on the defensive. By so doing, DESERT HERALD, gathered, they would thus deflect attention from the monumental economic and financial crimes committed during Jonathan’s six -year presidency. According to high level sources who spoke to DESERT HERALD in confidence, the long and short of the fledging campaign by the Jonathan camp is what one of the brains behind it called “Operation demonize Genaral Buhari in particular and those around him in general” so as to make Nigerians and the international community believe that rather than concentrating on governance Buhari is obsessed with persecuting Jonathan and his loyalists. It was reliably gathered that the decision to mount such an operation was mooted in the last few weeks of the Jonathan era. Spearheaded by a female member of the ex-president’s kitchen cabinet who was in charge of a strategic ministry for the better part of his six-year administration, and one of his top aides who until recently was entangled in a high-profile corruption case with the Economic and Financial Crimes Commission (EFCC), the project reportedly involves ”mobilizing” a number of media houses with a view to hit at the soft underbelly of the Buhari administration. The ”leg soldiers” of this motley gang, according to the information pieced together by this medium, include a former helmsman of the Nigerian Ports Authority (NPA) who hails from the south west, an incumbent PDP governor of one of the south west states; an erstwhile National Security Adviser; three of the oil marketers embroiled in the lingering fuel subsidy scam, and the publishers of three national dailies (two of which are based in Lagos, while the other is based in Abuja) among a couple of others. Their modus operandi is to sponsor all sorts of cleverly contrived campaigns against the Buhari regime in the traditional media and the social media, an insider who spoke on condition of anonymity, squealed to DESERT HERALD. ”Essentially, most of them would remain in the background pulling the strings, while a few of them would pop out every now and again to add their voices to the media storm, not only to demonize Buhari as supposedly incompetent, visionless, and clueless, but to also tar those around him as self-centered, corrupt and inordinately ambitious”.He added: ”the essence of their ploy is by thus attacking the government motive and integrity, the APC-led administration will perpetually be on the defensive, particularly any time the government sets out to call either Jonathan or any of his associates and former political appointees to account for their actions and inactions. By so doing they would not only put the government on the defensive but ensure that pressure would be mounted on it from all angles, to back down on the so-called persecution of the ex-president and his ilk”An insight into how this ambitious operation, for which tens of billions of naira have allegedly being mobilized, was evident during penultimate week’s siege on the Abuja mansion of the immediate past National Security Adviser (NSA) Colonel Sambo Dasuki (rtd). Barely had officers of the Department of State Security (DSS) drove into Dasuki’s palatial residence than chieftains of the hitherto ruling Peoples Democratic Party (PDP) started stoking fire and brimstone. Not even the fact that the DSS had followed due process by obtaining a legally-issued search warrant, would temper the hysteria of the Jonathan camp. PDP’s loquacious spokesman, Olisa Metuh and Ekiti State governor, Ayo Fayose in particular, ranted endlessly, alleging that the Buhari’s administration was ”Witch Hunting” officials of the immediate past administration. Ignoring the weighty allegations swirling against Dasuki (including alleged treason and economic and finanacial crimes) the duo and their ilk verbally attacked Buhari for alleged human rights violation. Hear the ever-controversial governor Fayose: ”Persecution of PDP stalwarts and others perceived as opposed to the All Progressives Congress (APC) federal government is an ominous sign of imminent return of dictatorship and draconian rule in Nigeria”. Readers may like to take note of the oft-deployed catch-all word, ”persecution”, in Fayose’s speech — a word that is conveniently deployed by every PDP Tom, Dick and Harry at the drop of a hat. Weighing in with reckless glee, Metuh said he had waltzed to Dasuki’s residence immediately he heard that the security agents were questioning the corrupt ex-NSA. ”I came into Abuja because I read the situation about the invasion of the house of the former NSA and his detention and house arrest”, he said ” so I drove to his house to see him and to find out what is happening… the last time this (type of thing) happened was under the military…”Metuh and co obviously conveniently forgot that contraty to his assertion that ”the last time this happened was under the military”, only but recently the DSS had been used countless time by then ruling PDP to trample on the rights of innocent Nigerians with abandon. Right there in Abuja, for instance, the residence of incumbent Kaduna State governor, Nasir el-Rufai, was invaded in commando-style by the same DSS without any search warrant. Last year Metuh and co winked at this assault. In the same vein, the DSS invaded APC’s ICT centre in the heat of preparations for the last general elections, leaving tears, blood and destruction in their trail. On such occasions Metuh and the then spokesperson of DSS, Miss Merilyn (who has more or less turned herself into PDP’s mouthpiece) gleefully defended that brazen onslaught and attacked all those who questioned the legality of such partisan adventures. No less interesting was the arrest of the publisher of this newspaper, Malam Tukur Mamu, by the same DSS in October 2009; Mamu’s only ”sin” was that his paper had dared to publish a story which the then first lady, Hajia Turai Yar’Adua, considered offensive. Acting on her instruction, the DSS swooped on the publisher and hauled him into detention in a dehumanizing manner. Needless to say, Metuh and his PDP colleagues never hollered the sort of ”persecution” they now invoke with abandon whenever any member of the old administration is called to account. As astonishing as it may seem, when the former minister of finance, Ngozi Okonjo-Iweala, recently was admonished to explain how billions of naira vamoosed from the excess crude oil account under her watch, she gave four different versions of the same tale in her futile attempt to explain how the fund was depleted in mysterious circumstances. Yet rather than focus on this outlandish indulgence, the Jonathan apologists descended on Buhari, Governor Adams Oshiomhole and anyone who dared to question the ex-finance minister, calling them unprintable names. Analysts are of the view that given the propensity of the Jonathan boys to attack the messenger rather that the message, coupled with the intimidating war chest they have allegedly mobilized a part of an ”operation demonize Buhari campaign; interesting times lie ahead as more scandalous indulgence of the Jonathan gang are expected to be unearthed in the weeks and months ahead. - See more at: http://desertherald.com/exclusive-jonathan-boys-launch-operation-demonize-buhari/#sthash.e6zAdrqe.dpuf

Scandal: Former Finance Minister in Multi-Billion Naira Campaign Fund Theft

The PDP still absorbing the shock of having lost the bid for re-election after 16 years in power has made a troubling discovery: billions of Naira disappeared from its campaign treasury.

By Victoria Ayuwei and Stephen Onyeukwu, Per Second News

Two members of the Peoples Democratic Party, (PDP) Presidential Campaign Organization, (PCO) Nenadi Usman and Chief Ahmadu Ali, are likely to be charged soon in a campaign fund scandal that threatens to engulf politicians in the opposition party.

Top leaders of the party seems to have disowned the duo in a matter before Justice C.U Ndukwe at the Abuja high court, Per Second News gathered.

Investigations reveal that former minister of finance, Nenadi Usman, through her company, Jointrust Dimentions Nigeria Limited received over 10 billion Naira meant for contractors and vendors during the 2015 presidential campaign.

Usman, who was the director of finance for the campaign has been accused of refusing to pay contractors who are now protesting against unpaid debts estimated at over N2 billion.

The scandals rocking the PDP are hard to sort through, and as often the case, what appears scandalous on the surface hides even deeper malfeasance.

A source in the know speaking under the condition of anonymity said that “Usman used her corporate account to receive billions of Naira, and disbursed billions of Naira to several persons and companies with overwhelming ties to the PDP”.

“ She orchestrated this fraud in order to circumvent campaign donation limit threshold, with most of the disbursements paid to herself through her personal aide, PDP stalwarts, and companies with ties to PDP and herself, the source said.

PDP through its counsel Kwon Victor, who is also the party’s Legal Adviser, had on 18 June 2015, in defense to a lawsuit against Nenadi Usman, Ahmadu Ali and PDP, disowned Usman in PDP campaign-related transactions allegedly carried out with her company, Jointrust Dimentions Nigeria Limited.

Evidence made available showed Usman, through her company, received and disbursed about N10 billion Naira in the run up to the presidential election and after the defeat of Goodluck Jonathan.

A contractor Silon Concepts limited through its lawyers, Festus Keyamo chambers in suit no: FCT/HC/CV/2017/2015 took Nenadi Usman, PDP and Ahmadu Ali to court in a bid to get paid for contract executed.

Ahmadu Ali and Nenadi Usman are yet to file any defense to state their side of the story. Rather, the former minister of finance filed a notice of preliminary objection on 3^rd July 2015, where she struggled to rope PDP into several multi billion Naira transactions carried out through her company Jointrust Dimentions Nig.Ltd.

Per Second News gathered that PDP again, for the second time in a counter affidavit on 15^th July, 2015, strongly objected to Usman’s position by rejecting ties to all multibillion Naira transactions carried out through Jointrust Dimentions Nig. Ltd where she is the sole signatory to that account. PDP insists that Usman and others acted alone on matters brought up by Silon Concepts Ltd.

As PDP and Nenadi Usman fights dirty, rather than address why they have not paid Silon Concepts limited, Festus Keyamo chambers has filed a counter affidavit on 23^rd July 2015, with strong arguments on why Nenadi Usman is personally liable as a known agent of the PDP.

Keyamo argued that it is only appropriate for Nenadi Usman, who operated mostly as a lone ranger through her private account, to tell the court her side of the story. Per Second News gathered that she operated from a Zenith Bank Account number 10107406XX, (Last two numbers blocked by Per Second News for privacy concern).

In a twist, George Uboh, Managing Director of Panic Alert Security Systems (PASS) has called for the immediate arrest and prosecution of Senator Nenadi Usman, Femi Fani-Kayode, Chief Emeka Offor and others. In a statement in Abuja Thursday Uboh said he has been monitoring a case of unpaid campaign debt against PDP, Ahmadu Alli and Nenadi Usman by Silon Concepts limited. Uboh said that as he observes with dismay how PDP and Nenadi Usman dissipate their energies by washing their dirty linens in public rather than pay what they owe the legitimate contractor for a job duly contracted.

He claimed to have obtained all relevant bank documents in relation to transactions done by Usman using Jointrust Dimentions Nigeria Limited.

Below are some deposits into the account for purpose of financing President Jonathan’s election: N500 million on 11/02/15, Global Scan Systems Nigeria Limited, owned by Sir Emeka Offor, Offshore Logistics Solutions, N 202million on 11/02/15;Global Scan Systems Nigeria Limited (owned by Emeka Offor), N1.2Billion Naira on 11/02/15;Interbridge Company, N100million on 11/02/15Castilo towers BDC, N250million Naira on 11/02/15, Interbridge company, N122 million on 01/02/15, Prime concept, N110million on 20/02/15Eco system, N500 million on 13/02/15, DI International, N250m on 19/02/15, Crescent Pillars Ltd, N 21million on 19/02/15”.

He also listed payments from the Jointrust Dimentions as follows;

N1.1Billion to Femi Fani Kayode on 02/02/15, another N240million naira to Femi Fani Kayode on 19/03/15, N67m to Dee Bakers Ltd on 03/02/15, N95million to Rigir First BDC on 03/02/15, N370m to Goodluck Support Group on 23/03/15, N80m to People’s Democratic Institute on 10/03/15, N260m to Social Capital Limited on 27/02/15, N250m to Social Capital Limited on 03/02/15, N80m to Fendship Express Nig Ltd on 13/01/15, N120m to Achike Udenwa & Viola Onwuliri on 13/01/15, 10m to Ibitoru Linda Ofili, on 13/01/15.

Uboh, alleged that after the March 28 elections, Nenadi Usman started disbursing money in the account to herself through cronies and other PDP PCO members, but stubbornly refused to pay legitimate contractors in full for jobs done.

According to him Usman issued cheques to one of her cronies in multiples of N10, 000,000 in one day in the manner below:

On April 20, 2015, Usman cashed seven of separate 10 million Naira cheques, to wit: Cheque numbers 398-404 (10,000,000 each).

On April 22, 2015, Usman cashed four of separate 10 million Naira cheques, to wit: Cheque numbers 410-413 (10,000,000 each).

He said it was wrong and illegal for Usman to use her corporate account to receive and disburse campaign funds on behalf of PDP.He asked: “why did she refuse to use the PDP PCO account to receive and disburse the aforementioned billions, when the evidence shows that she was signatory to both accounts in same Zenith Bank?”

“why was Fani-Kayode paid N1.34 billion Naira in his personal capacity from Usman’s corporate account? Is this payment campaign related? If it is campaign-related, is it legal to accept such in one’s personal capacity and, worse yet, from a corporate account instead of campaign organization account?

“Why did Emeka Offor and his company pay N2.2Billion Naira into Usman’s corporate account? Was it for election purpose or Usman’s personal use? Is it ethical to pay campaign funds into a corporate account? Are we sure these guys did not circumvent extant campaign donations laws in their desperation to win last presidential election?

“Why would a distinguished senator and former finance minister of the Federal republic of Nigeria, who by virtue of her former position should be held to a high standard of ethics and financial propriety, commit such a hoodlum-like and hustler-like financial impropriety?”, Uboh queried.

Per Second News can authoritatively reveal that the campaign fund complaint has reached President Goodluck Jonathan, who was shocked that money has not been paid to contractors, despite overwhelming evidence that it has been released to the PDPPCO.

“President Goodluck Jonathan is not happy, the man is embarrassed because he also gave money to the PDPPCO and yet he is hearing these stories about debts running into billions of Naira, a close aide said Thursday night in Abuja.

Why banks reject foreign currency deposits’

BANKS’ recent rejection of foreign currencies in deposits might have been informed by the consideration that they are idle resources that yield no benefit to them. The nation’s renewed fight against money laundering is another reason.
Already, there are indications that over $1 billion sitting idly in banks may have been mostly accumulated by the speculative exchange of naira for dollar and random opening and storing of the green back in domiciliary accounts.
More so, the barring of the 41 items from the official foreign exchange (forex) window has streamlined demand and opportunities for banks to trade short-term with the funds.
The naira may be heading back to the all-time low recorded recently when it hit N245 to a dollar at the parallel market, as it fell further yesterday to the range of N235 – N238 in different areas of Lagos, with the official rate remaining stable at N199 per dollar. It had on Tuesday exchanged for N225 at the parallel before noon but dipped further to N229 at the close of business.

Similar news

10 more banks to publish list of debtors

Naira now 216 on banks’ dollar rejection

And as banks publish lists of debtors, a major oil firm, MRS OIL & GAS COMPANY LIMITED, has denied owing FCMB the sum of N6.2 billion as claimed in a publication.
In a statement, MRS said: “This is evidenced by the report of our forensic auditors MCL Solutions Ltd. MRS, its forensic auditors and lawyers have made various attempts to reconcile this account with FCMB unsuccessfully. This led to our forensic auditors having to report the matter to CBN for intervention.”
A former Minister of Finance, Dr. Kalu Idika Kalu has equally faulted a publication linking him to BGL, one of debtor- institutions.

Also read: Banks sit on over $1bn they can’t use

In a statement yesterday, he said: “I want to state categorically that I ceased being the non-Executive Chairman of BGL three years ago by a decision of its board in my absence. “It was said I was reassigned to chair its Advisory Board that has never since been set up.
All of that suited me perfectly. It is therefore not true that I am a director of BGL. Securities and Exchange Commission can confirm this fact if in any form of doubt. “Further, I can assert without any fear of contradiction that I am not owing any bank, any institution, or anybody, a kobo or a dime. And also, I am not a director of any debtor firm.”
Meanwhile, the Senate yesterday resolved to invite the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, to brief it on the true state of the nation’s economy.
This followed the adoption of the motion by Nazif Suleiman of the All Progressives Congress (APC, Bauchi), entitled, “State of the Economy: Naira Depreciation and its Implication.”

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Naira rises to 219 after CBN dollar sale

Arise, Adeyeye Deny Owing Bank, Threaten Legal Action |

The Senate also urged the Federal Government to step up efforts at diversifying the economy from oil export into an economy that depends on taxation, agriculture, manufacturing, international tourism and solid minerals prospecting.
The Managing Director of Cowry Asset Management Limited, Johnson Chukwu, said that though the initial market response to banks’ rejection of foreign currency lodgements pushed up the local unit, the tide was turning now over the temporary nature of the measure. “It is obvious that the banks cannot continue that way because it is not sustainable.

Also read: Bad Debtors Owe FCMB, Ecobank Nigeria N23 Billion, Articles

The real problem lies with the faltering fundamentals, like rising speculations over the inability of reserves accretion drive,” he said. The Head of Research, Afrinvest Securities Limited, Ayodeji Eboh, said the Deposit Money Banks’ (DMBs) stance was laudable, whether or not they are doing it for personal good.
According to him, the surging dollar levels in banks were facilitated by speculation and panic buying in anticipation of devaluations, which pressured the naira further, as individuals were withdrawing cash and exchanging them for dollar and storing same in their domiciliary accounts, where it yields no revenue for the bank.
As the domiciliary account may not have been designed for foreign currency storage, but a platform for foreign transactions, any storage of idle funds there becomes speculative, more so in this period dwindling external resrves.
In a report, the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, had said it was not a regulatory directive for banks to stop accepting foreign currencies, but that CBN supports the banks’ moves.

Similar news

Major oil firm, MRS, owes FCMB N6.2bn

Chronic Debtors Owe First Bank, Access Bank N49bn, Articles

According to him, it is abnormal, but only in Nigeria for individuals and customers to enter the banking hall to deposit foreign currencies in personal accounts for no transaction purposes.
Guaranty Trust Bank Plc, in a note to a customer, said it had to stop the collection of foreign cash deposit into the domiciliary accounts due to “unavailability of outlets” for managing it at all branches nationwide.
It also noted that foreign cash deposits made before now might not be eligible for outward electronic transfer but can only be withdrawn as cash, assuring that the measures are temporary until an alternative solution is proffered.

Also read: Emeka Offor, Abike Dabiri’s firms, others owe banks N143.81bn

Nevertheless, the move to stop receipt of dollars by banks is strategic in containing the menace of money laundering and illegal fund flow from the country, presently put at $15.7 billion yearly by the Global Financial Integrity.
Again, the latest efforts against corruption and the introduction of Biometric Verification Number (BVN) in foreign exchange transactions may have enthroned a regime of checks, as well as caution for those who deal illegally in foreign currency hence a reduction in transactions and the glut in banks.
MRS alleged a smear campaign to tarnish its image and that of and its directors “judging by the antecedent and recorded actions against the company, one of which was the case filed against MRS at the High Court of Lagos State, which was later struck out by the court.”
It also alleged that it was overcharged, adding: “The incompetence of the FCMB team is further demonstrated where names of people who are not and have never been directors of the MRS are mentioned in the referred publication.
For the avoidance of doubt, Messrs Patrice Alberti, Andrew Gbodume and Paul Bissohong are not directors of MRS. “We therefore wish to assure our customers and business associates that we are NOT indebted to FCMB as claimed and published.
Our lawyers have been instructed to take appropriate remedial actions. “The company wishes to assure the general public that MRS Oil & Gas Company Limited will continue to transact its business with the highest ethical standards and in accordance with the extant laws of the country.”

Bishop Okogie Drums Support For PMB, Appeals To Nigerians

 

Archbishop Anthony Cardinal Okogie has said President Muhammadu Buhari is not a stupid man, and neither is he a fool.



Okogie who is the Archbishop Emeritus of the Catholic Archdiocese of Lagos called on Nigerians to be patient with the president so he can deliver on his election promises, Vanguard reports.

“He is not a stupid man, he is not a fool and one thing I know he has in his head is that, he is no more a soldier so he has to take his time to make sure that things go the way they should go,” Okogie said.

The Archbishop said this on Wednesday, August 5, at an interactive session with newsmen in Lagos.

The cleric explained that Buhari needed time to correct the anomalies in the country.

READ ALSO: Bishop Okogie Blesses Buhari, Sets Agenda For President-elect

Okogie stated: “You know when you are entering a new job, you don’t rush; you got to take your time, because if you do not take your time you make a lot of mistakes.

“And right at his inauguration, he even mentioned it that the ground is rough; so he has to take his time to correct these things; I think that is what he is trying to do.

“Don’t you see what he is doing now with the Boko Haram, he is meeting all the Head of States and that thing cannot just take one second or one day or one week, he is going to win them over.”

According to the cleric, the economy of the nation has been destroyed completely by people who are supposed to be patriotic Nigerians.
He wondered what they would do with the money they have syphoned, saying: “If we can only remember that one day we are going to leave all these things behind, we are not going to carry them, then the nation will move, but we are not allowing things to move.”

Okogie said he could see signs of progress as two refineries are now working.



Some months back Bishop Okogie had assured Buhari of continuous prayers and support where necessary, while also calling on the people to be patient. He had said: “I reassure the president- elect of our prayers and spiritual solicitude, we look forward to seeing a president that will be the Nelson Mandela and the Le Kuan Yew of Nigeria.

He had also warned Buhari to be wary of “wolves in sheep clothing” and all the political jobbers who jumped ship to identify with the winning party.

We will force Ekweremadu to do our bidding - Oyegun

As the leadership crisis in the National Assembly nears its end, the leadership of the All Progressives congress, APC, has admitted to losing the battle and possibly the war, as well over 81 Senators passed a vote of confidence on Senate President Bukola Saraki and his Deputy Ike Ekweremadu.
Ekweremadu, a member of the Peoples Democratic Party, PDP, wrestled the Deputy Senate President position from the APC, on account of the party’s failure to reconcile the conflicting interests between Saraki and senator Lawan who both itched for the position.
On June 9, Saraki outsmarted the APC to become the Senate President, an action which created a vacuum for Ekweremadu to also triumph over Ali Ndume who did not get the numerical strength to pull it off, since most members of the APC absconded to attend the alleged reconciliatory meeting with President Buhari.
See: I had no choice but to ignore Oyegun’s letter – Saraki
This event which the APC initially rejected and thereafter accepted was revealed by the APC Chairman, John Oyegun, as part of their plan to get Ekweremadu out of the equation at the time.
“If he wants to resign, we would be very very glad, but for now, as at today, our mission is to get the Senate settled to get them at work.”
The APC leadership had clearly exhibited discontent with the emergence of Ekweremadu and the current situation would have been managed.
Chief Solomon Edojah, Chieftain of the APC has however confirmed that Ekweremadu must be fused into the plans and manifesto of the APC Government, since he already took a position originally designed for an APC member.
See: We have disappointed Nigerians but don’t blame me – Oyegun
  
Against this backdrop, Oyegun also revealed that Ekweremadu has remained a stumbling block the APC cannot remove considering the Constitutional requirement of getting two-third majority which the APC currently does not have.
He sated this during an interactive session with journalists in Abuja stressing that the APC has lost hope of removing Ekweremadu as the Deputy Senate President and added, the party was overwhelmed by the actions of its members in the National Assembly.
He dispelled the insinuation that Ekweremadu was only occupying his position on temporary basis.
“Do you know the rules of the House? You can only remove them with a two-third majority so what makes it temporary.
“Simple, in the case of the House that we have just dealt with it, we got to the bridge but have not crossed it, they had not named any principal officers, so obviously it was a lot easier to handle.
“The Senate has named its Principal Officers and by their rules they can only be removed either when they voluntarily resign or when you command a two-third majority to vote them out.”
Oyegun also assured that reconciliatory moves are ongoing to bring lasting peace in the National Assembly despite the petition for forgery currently distracting the Senate.
He also lamented the scenario that took place in the House of Representatives which has creating a razor-sharp divide between members of the APC which needs Gods intervention.
See: Why we fought Oyegun, Tinubu over Gbajabiamila – APC lawmakers
“So the approaches obviously will be totally different in the sense that, in the senate also I hear there is a court process underway, that makes a lot of issues sub judicial so it changes the picture doesn’t it?
“Is not good enough for us with what happened in the House but we are also watching that and we are going to engage on the senate situation and by God’s grace it will also be resolved

INVESTIGATION: Nigeria earned $11.8bn from LNG; not $5.6bn claimed by PDP, Jonathan govt.

Bassey Udo

 

Nigeria earned at least $11.8 billion as dividends from the Nigerian Liquefied Natural Gas Company, and not $5.6 billion as claimed by former Nigerian governments led by the People’s Democratic Party, PREMIUM TIMES can confirm today.
The figure covers remittances due to have been paid to the Nigerian National Petroleum Corporation, NNPC, which holds 49 per cent shareholding in the NLNG, on behalf of Nigeria.
The remaining equities are held by Dutch firm, Shell, and its Italian counterpart, Eni/Agip.
After weeks of being rebuffed by different government agencies and the NLNG, over requests for the details of the remittances to Nigeria, PREMIUM TIMES arrived at the figure based on an analysis of payments to Agip, exclusively sourced by the paper.
The investigations showed that the Federal Government, through the NNPC, earned $11.8 billion (about N2.5 trillion) as dividends from NLNG between 2004 and 2014.
Pioneer Status
The NLNG operated for at least 10 years under a controversial tax freedom holiday, called the pioneer status, which was granted by the Nigerian government. The incentive is usually given pioneer investors in new sectors of the economy to encourage more investments. In the case of NLNG, it was to trigger investment in gas.
Even with the tax relief, the government and other shareholders drew dividends from NLNG during the period, but the Nigerian authorities refused to provide details of how much was paid from 2004, under the Olusegun Obasanjo administration.
Controversy over the money started in June when the Nigerian Extractive Industry Transparency Initiative, NEITI, announced that it had uncovered that the NNPC failed to remit $11.6 billion paid by the NLNG.
NEITI urged President Muhammadu Buhari to recover the money.
In response, the NNPC spokesperson, Ohi Alegbe, said the matter had already been referred to the Inter-Ministerial Task Team (IMTT) for reconcilia­tion and resolution.
“At the last meeting of IMTT, it was resolved that the Minister of Petroleum, Chairman of NEITI, Execu­tive Secretary of NEITI and the Group Managing Direc­tor of NNPC should meet on the issue of NLNG dividends and report back to IMTT.
“Unfortunately, that meet­ing has not held. However, another meeting of IMTT is coming up next week and the issue will be taken up from there. NEITI, as a member of IMTT, is aware of the ongo­ing efforts to reconcile and resolve the issue of NLNG dividend remittance,” Mr. Alegbe said in a statement June 10.
He did not confirm or deny the amount in question.
By July, nearly a month later, the new federal government said it was disbursing $2.1 billion out of the NLNG funds to cash-strapped state governments to enable them clear backlogs of salaries owed workers.
The distribution was the first time in Nigeria’s history. It is the first time that funds from NLNG would be shared between the federal and state governments.
The ruling All Progressives Congress accused the previous PDP government of diverting past remittances, an allegation denied by the PDP.
APC spokesperson, Lai Mohammed, said over $4 billion of the NLNG money was outstanding.
In its response on July 12, the PDP said the party’s previous administrations –from Obasanjo to Goodluck Jonathan— deserved praise than rebuke for saving the LNG funds for the new government.
The party’s spokesperson, Olisa Metuh, said since NLNG had been on a “10-year tax haven” (he probably meant tax holiday) until 2014, “successive governments, right from President Olusegun Obasanjo never shared nor tampered with the cumulative dividends over the years”.
He said as of May 29, when Mr. Jonathan left office, the NLNG dividend stood at a cumulative $5.6billion and “not a single cent was ever taken from the funds”.
Denials
Repeated attempts by PREMIUM TIMES to confirm that figure were rebuffed by all the relevant government agencies.
The Corporate Communications manager of NLNG, Tony Okonedo, said releasing the details to PREMIUM TIMES would amount to a breach of confidentiality.
“Any details on the dividends we (NLNG) paid to government, the best place to go is NNPC that received it. For us, we are very clear on what we paid,” he said.
The NNPC told PREMIUM TIMES that the corporation did not have any information on dividend payments by NLNG.
“Your best bet for such information would be NLNG, which made the payment,” Mr. Alegbe said.
Neither the NLNG nor the NNPC was forthcoming with information on their annual report and financial statements.
The ministry of finance and office of the accountant general also refused to provide details.
Eni to the rescue
Regardless, PREMIUM TIMES sourced Eni’s financial filings, and confirmed that the company received billions of dollars as its due of dividend since 2004.
Eni owns 10.4 percent of NLNG, while Nigeria holds 49 percent stake.
A review of Eni’s consolidated financial statements showed that the company received €2.319 billion ($2.5 billion) as total dividends billion between 2004 and 2014.
Eni received €72 million in 2004; €33 million in 2005, €56 million in 2006; and €131 million in 2007.
The company also earned €453 million in 2008; €101 million in 2009; €188 million in 2010; €483 million in 2011; €331 million for 2012; €224 million in 2013, and €247 million in 2014.
At 49 per cent, Nigeria’s dividend climbed to $11.8 billion. That is about N2.5 trillion.
The figure tallies with the $11.6 billion reported in the Nigerian Extractive Industries Transparency Initiative (NEITI) 2009-2012 Audit Report. The little difference might be as a result of fluctuating exchange rate.
Still, there is a discrepancy as previous reports show that the NLNG had announced in 2014 that it paid a total $13 billion as dividend to the government.
The firm’s managing director, Babs Omotowa, stated this when the company celebrated its 3,000th LNG export cargo in Abuja, in March.
He said Nigeria now owned $14 billion of assets on Bonny Island; $13 billion in dividends, another $11 billion earned in feed gas sales revenue, over $10 billion expenditure in local economy on goods, services and salaries of thousands of staff employed.