The Federal Government may sell stakes in about 20 state-run companies to raise funds and improve governance in the entities.

This is according to a Bloomberg report. The Nigerian National Petroleum Corporation is among the firms the government may sell a stake in, according to the chief executive officer at the Ministry of Finance Incorporated, Armstrong Takang.

He stated that the agency is considering options including strategic sales and initial public offerings and aims to implement the plan within 18 months.

He noted that some of the entities need the private sector to take controlling shares and the major consideration for the government is to create value rather than retain control.

He said, “It is better for us to own 49 per cent of a high-performing entity than 90% of an entity that is underperforming.”

These sales may coincide with President Bola Tinubu’s plan to reform the country’s economy. Takang stated that the agency is in the process of appointing consultants including valuers, financial advisers, lawyers, bankers, and others to handle different aspects of the transactions.

In October 2022, sources at the Ministry of Finance, Budget and National Planning exclusively told The PUNCH that the government was considering selling or concessioning about 27 national assets.

The assets included Tafawa Balewa Square in Lagos, the National Integrated Power Projects in Olorunsogo, Calabar II, Benin (located at Ihorbor), Omotosho II, Geregu II plants, all the hydropower plants across the country, including Oyan, Lower Usuma, Katsina-Ala, and Giri plants.

The sources noted that more than 25 of such projects will be turned into active assets that will generate money in some ways to the Federal Government.

Since 2016, the Federal Government has mulled the idea of selling some national assets to boost its revenue.

The suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and his associates are set to be arraigned by the Federal Government for N6.9 billion procurement fraud.

Naija News understands that Emefiele will be arraigned on Thursday at the Federal Capital Territory High Court, Maitama, Abuja.

The case is for arraignment and mention.

Emefiele will be arraigned alongside a female CBN employee, Sa’adatu Yaro and her company, April 1616 Investment Limited on 20 charges of procurement fraud, conspiracy and conferring corrupt advantages on his associates.

The embattled CBN governor had been in detention since his suspension from office on June 9 by President Bola Tinubu.

He was accused of conferring corrupt advantages on Yaro, a director in April 1616 Investment Ltd.

The offence is contrary to section 19 of the Corrupt Practices and Other Related Offences Act 2000.

If convicted, Emefiele may be sentenced to five years imprisonment without an option of a fine.

The section read, “Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five years without an option of fine.”

In the charges signed by the Director of Public Prosecutions, Federal Ministry of Justice, Mohammed Abubakar; Deputy Director, Public Prosecution, Mrs N Jones-Nebo and eight other ministry officials, the three accused persons were alleged to have bought a fleet of over 98 exotic vehicles and armoured buses valued at about N6.9bn.

Some of the vehicles bought between 2018 and 2020 included 84 Toyota Hilux vehicles, 10 armoured Mercedes Benz buses, three Toyota Landcruisers and one Toyota Avalon car.

Count one read, “That you, Godwin Ifeanyi Emefiele, male, adult, sometime in 2018 within the jurisdiction of this honourable court did use your position as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a staff member of the Central Bank of Nigeria by awarding a contract for the supply of 37 (Nos.) Toyota Hilux Vehicles at the cost of N854,700,000 only to April 1616 Investment Ltd, a company in which she is a director and thereby committed an offence.

“Statement of the offence: Conferring corrupt advantage contrary to section 19 of the Corrupt Practices and Other Related Offences Act 2000.”

Emefiele has been accused by the FG of conspiracy to confer corrupt advantage on the second defendant contrary to sections 26 (c) and 19 of the Corrupt Practices and Other Related Offences Act 2000 and punishable under Section 19 of the same Act.

The charge stated, “That you, Godwin Ifeanyi Emefiele, male, adult, Sa’adatu Ramallan Yaro, female, adult, and April 1616 Investment Ltd, sometime in 2019 within the jurisdiction of this Honourable Court did conspire amongst yourselves to use the office of Mr. Godwin Ifeanyi Emefiele as Governor of the Central Bank of Nigeria to confer a corrupt advantage on Sa’adatu Ramallan Yaro, a staff of the Central Bank of Nigeria by awarding a contract for the supply of 1 (No.) Toyota Landcruiser V8 at the cost of N73,800,000 only to April 1616 Investment Ltd.”

Emefiele was said to have also conferred a corrupt advantage on Yaro by awarding a contract for the supply of one Toyota Avalon at the cost of N99.9m to her company, April 1616 Investment Ltd., in 2019.

The suspended governor was also accused of awarding a contract for the supply of another Toyota Landcruiser V8 for N77.050m to the third defendant in 2018.

The ex-CBN governor was said to have conspired with Yaro to confer corrupt advantages on the CBN staffer by awarding to her a contract for the supply of two Toyota Hilux Shell specification vehicles at the cost of N44.2m sometime in 2020.

Emefiele was further alleged to have awarded another contract to Yaro and her firm for the purchase of one Toyota Landcruiser VXR valued at N96m in 2020.

Yaro was similarly accused of fraudulent acquisition of property for getting a contract from the CBN for the supply of 47 Toyota Hilux vehicles at the cost of N1,085,700,000 and thereby committed a punishable offence.

Count 10 read, “That you, Sa’adatu Rammala Yaro, female, adult, sometime in 2018 within the jurisdiction of this honourable court while being employed at the CBN knowingly held directly a private interest as a director in April 1616 Investment Ltd., in a contract awarded to the said company, for the supply of 47 Toyota Hilux vehicles at the cost of N1,085, 700,000 and thereby committed an offence.”

Count 11, “That you, Sa’adatu Rammala Yaro, female, adult, sometime in 2018 within the jurisdiction of this honourable court while being employed at the CBN knowingly held directly a private interest as a director in April 1616 Investment Ltd., in a contract awarded to the said company, emanating from the CBN where you are employed, for the supply of 10 Mercedes Benz armoured buses at the cost of N2,222, 500,00 and thereby committed an offence.”

Witnesses Against Emefiele

Listed as witnesses against the defendants were the CBN Director of Procurement, Stanley Alvan; CBN Head of Procurement, Mike Agboro, Tahir Jafar, David Usman and “any other witnesses to be supplied later in the additional proof of evidence.”

The Committee set up by Imo State Government for the recovery of land belonging to Alvan Ikoku Federal College of Education (AIFCE), yesterday, indicted former governor Rochas Okorocha for using brute force to disposses the college of its land.

Submitting its report to Governor Hope Uzodimma, the committee recommended the recovery of the Shell Camp land from Okorocha and his associates within six months and hand the same over to AIFCE.

The report which was signed by the Chairman,Prof Vitalis Orikeze Ajumbe and the secretary, B F Anyanwu, regretted that Okorocha,as governor, used brute force including the military and hoodlums to snatch the land from the College after which he allocated or sold same to his top associates.

Those who benefited from the bazaar and have been similarly asked to vacate the land included two of Okorocha”s in laws, Dr Uzoma Anwuka and Kingsley Uju.

Apart from Okorocha”s inlaws , a former speaker, Chief Acho Ihim, Charles Orie, Prince Charles Amadi and Ugochukwu Hillary also benefited from the illegal acquisition.

The Committee regretted that Okorocha ordered the demolition of 101 buildings belonging to staff of the college and thereafter confiscated their property.

It therefore urged the Imo State Executive Council” to direct the recovery of all the lands belonging to AIFCE, which are now illegally in the hands of individuals and institutions.”

It further asked the state government to ensure the recovery of the land within six months and thereafter issue a certificate of occupancy to the college.

“AIFCE should take full possession of the vacated land and property immediately upon recovery while the Commissioner for Lands and OCDA should recover the land within six months”, the committee recommended.

It further recommended that AIFCE should pay the agreed compensation to Orji indigenes who are the original owners of the land while the Army should vacate the shanties they erected in the land and finally move to Obinze.

Responding, Governor Uzodimma thanked the committee for doing a thorough job and promised that the state government would take all necessary steps in accord with due process to implement the committee’s recommendations.

Russia’s President Vladimir Putin reportedly spoke on the phone on Tuesday with Mali’s military leader, Assimi Goita, to discuss the crisis in the Republic of Niger.

Goita confirmed his conversation with Putin in a post on his official Twitter page, Naija News reports.

According to him, the Russian President, during their phone conversation, stressed the importance of a peaceful resolution over the Niger Republic coup, where the military ousted the democratically elected President Mohamed Bazoum in a coup last month.

Goita said he spoke to Putin to update him about the situation in Niger. He stressed that the Russian leader is interested in a peaceful resolution of the situation for a more stable Sahel.

It was feared the military might seek to switch allegiance to Russia and close French and US bases there.

Putin has called for a return to constitutional order in Niger, while Wagner chief Yevgeny Prigozhin welcomed the coup.

The Northern Elders Forum (NEF) has advised President Bola Ahmed Tinubu to withdraw all sanctions imposed on Niger Republic as soon as possible while talks continue.

Recall that Nigeria has closed all its borders with Niger Republic, cut off electricity, among other sanctions.

Dr. Hakeem Baba Ahmed, Director of Advocacy and Public Affairs, advised in an Abuja statement, “Nigeria should remove all sanctions and other measures intended to force the government and people of Niger into acquiescence.” This will make Nigeria’s negotiations easier to conduct by utilizing all assets that both countries value.”

Furthermore, NEF advised President Tinubu that “the safety of President Bazoum and his family, as well as the restoration of constitutional order, must remain non-negotiable priorities.” Military leaders in Niger must recognize and respect the position of ECOWAS, to whose fundamental principles and goals the Niger Republic has submitted.

“President Tinubu should also look into balancing these responsibilities without jeopardizing Nigeria’s and Nigerians’ position on Niger Republic or ECOWAS unity.” According to Baba-Ahmed

The Forum also condemned using force in the troubled country, saying it would exacerbate the situation.

“The use of force against Niger must be avoided.” It is unlikely that the goals of restoring constitutional order and expanding the frontiers of democratic systems in West Africa will be met. It will exacerbate the region’s security and humanitarian crises.

“It is likely to weaken and further divide ECOWAS, as well as provide greater access for non-African interests into the lives of Africans, with negative consequences,” he added.

The Judicial Panel of Enquiry in Abia state has commenced the probing of the administration of former governor, Dr Okezie Ikpeazu.

The panel began sitting in Umuahia on Tuesday.

Recall that the state Governor Alex Otti had on June 27, inaugurated the Judicial Panel of Enquiry on the Recovery of Government Properties, Funds and Related Matters.

The Governor had also during his inaugural speech promised to recover every money and property of the state stolen by public office holders.

He mandated the panel to recover every looted property of the state from 2015 to May 2023.

In her speech at the inaugural sitting of the Panel, the Chairman, Justice Florence Duruoha-Igwe (rtd), vowed that the panel would in strict adherence to its terms of reference, go after proven looters.

Noting that the job of the panel included “both investigatory and advisory”, Justice Duruoha-Igwe, said the panel would offer appropriate advice to Government after its investigations.

The Chairman also explained that the panel was not set up to hound or persecute anybody, promising to be fair to all.

“It is important to mention that this Panel of Enquiry, though quasi-judicial in nature, is not a court properly so called,” she said, adding that the panel was neither engaging in inquisition nor witch-hunt of anybody.

“Nobody is on trial, rather, we are here to find out what happened to the funds and properties(movable and immovable) of Abia State between May 2015 and May 2023.

”We shall exercise all the powers with regard to obtaining evidence and conduct of the proceedings”.

In a remark, the Attorney General and Commissioner for Justice, Ikechukwu Uwanna, decried the high level of looting during the immediate-past administration in the state.

He said that Government would punish anyone involved in the looting spree that occured during the period under investigation.

The Attorney General, urged the panel to be thorough and firm in conducting the investigation, insisting that public servants must be held accountable for their actions.

He urged members of the public to volunteer any information that could help the panel recover looted funds in the state.

“The work is for all of us,” he said, adding that the panel should stick to the deadline and complete its assignment so that the government can face other issues.

Speaking also, the Chairman of Umuahia branch of the Nigerian Bar Association(NBA), Mr Jasper Ejiomofor, condemned massive looting and grand larceny witnessed in the state in the past.

He commended Otti for the courage to investigate the activities of his predecessor but wished the probe were not limited to 2015.

The NBA boss claimed that some of the looting that put Abia on the reverse gear occurred before the last administration.

According to him, “NBA will be happy and Abia people will be happy if the period for the investigation were extended backwards”.

A high Court of the Federal Capital Territory (FCT) has restrained the State Security Service (SSS) and its agents from apprehending two siblings of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The court vacation judge, Justice E. Okpe, issued the restraining orders in two rulings on separate ex-parte motions filed by George Emefiele and Okanta Emefiele.

The judge held that the restraining order, made in respect of the two applicants, shall subsist pending the determination of the fundamental rights enforcement suits filed by George and Okanta.

In one of the rulings, Justice Okpe said: “An order of interim injunction, restraining the 1st respondent whether by themselves, their officers, agents, servants, privies or acting through any person or persons however from threatening, harassing, intimidating, inviting and arresting the applicant or in any other manner whatsoever, interfering with his rights to life, freedom of movement, personal liberty, and human dignity until the determination of the substantive suit.”

The judge had, after the rulings on August 4, adjourned till August 14 for hearing on the substantive suits, marked: FCT/HC/CV/7050/2023 and FCT/HC/CV/7051/2023.

When parties returned to court on Monday, the judge noted that the SSS was yet to respond to the substantive s and proceeded to reschedule the hearing for August 23.

The AGF, in a counter affidavit, faulted the claims by both applicants and denied knowledge of any plot to arrest any of them.

In an affidavit supporting the suit by George, it was stated that “as siblings, the applicant periodically visits his brother Mr. Godwin Emefiele in the custody of the 1st respondent (SSS) whenever access is granted to him or any other family member.

“Because of the applicant’s relationship with Mr. Godwin Emefiele, he reasonably believes that the 1st respondent is taking steps to infringe on his fundamental human right and that of other family members by arresting and detaining the applicant.

“The applicant has not committed any offence that will warrant any invitation to the office of the 1st respondent or detention by the 1st respondent.

“The applicant knows for a fact that it is not a crime to be associated with a suspect, who is under investigation or being investigated by the 1st respondent.

“The applicant reasonably believes that his fundamental human right is about to be infringed by the respondents in respect of the purported ongoing investigation of Mr. Godwin Emefiele.

”They want the court to, among others, issue an order of perpetual injunction restraining the SSS from inviting, intimidating, harassing, and arresting or detaining them in relation “to matters or body of matters which relates to the ongoing investigation of Mr. Godwin Emefiele and/or matters outside the constitutional and statutory mandate of the 1st respondent.”

The office of the AGF, in the counter affidavit, faulted Okanta’s claim to be Emefiele’s relative and prayed the court to dismiss both suits for lacking in merit.

President Bola Tinubu said yesterday that the federal government would take measures to maintain the current pump price of Premium Motor Spirit, PMS, otherwise known as petrol, in the country without a reversal of its policy on subsidy removal.

He also said the threat by the Nigeria Labour Congress, NLC, to shut down the economy over rumoured plan to further increase fuel price was premature, stressing that it was incumbent on all stakeholders to maintain their peace.

The President assured that there would be no further increase in the price of petrol in any part of the country.

The Nigerian National Petroleum Company, NNPC Limited, said late last night it had no plan to raise the pump price per litre of petrol.

This came as the Kenyan government, which also removed fuel subsidy at a time Nigeria did same, reintroduced fuel subsidy to curb soaring prices of petrol, kerosene and diesel in the country, though for 30 days.

Special Adviser to the president on Media and Publicity, Ajuri Ngelale, disclosed these while briefing State House correspondents at the Presidential Villa, Abuja, shortly after meeting with President Bola Tinubu on the issue, especially following threats by Nigeria labour Congress, NLC, to go on strike without notice, if fuel price was again increased.

According to him, the official position is that there is no increase in prices at this time as “the president is convinced, based on information before him, that we can maintain current pricing without reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream petroleum sector to stabilise price.”

He said it was incumbent on all stakeholders to hold their peace and endeavour to do due dillegence to ascertain the true position of things.

Ngelale said the President was intent on maintaining competitive tension to ensure that no single individual or organization dominated the sector.

The presidential spokesman presented a chart to prove that the cost of petrol was still much more cheaper in Nigeria than in other West African countries.

He stated: “This morning (yesterday), I had the privilege of sitting down with His Excellency, President Bola Tinubu, as we discussed the current unfolding situation in the country as it relates to fuel supply and demand.

“The president wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace.

“We have heard very recently from the organized labour movement in the country concerning their most recent threat.

“We believe that the threat was premature and that there is need on all sides to ensure that fact-finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.

“Secondly, Mr. President wishes to assure Nigerians, following the announcement by the NNPC limited just yesterday that there will be no increase in the pump price of petroleum motor spirit anywhere in the country.

“We repeat, the president affirms that there will be no increase in the pump price of premium motor spirit. We also wish to affirm that the president is determined to maintain competitive tension within all sub-sectors of the petroleum industry.

“He is determined to ensure that our policy drawn up as well as policy implemented follows the cue that there will be no single entity dominating the market.

“The market has been deregulated; it has been liberalized and we are moving forward in that direction without looking back.

“The president also wishes to affirm that there are currently inefficiencies within the midstream and downstream petroleum sub-sectors that once very swiftly addressed and cleaned up, will ensure that we can maintain prices where they are without having to resort to a reversal of this administration’s deregulation policy in the petroleum industry.

“I wish at this juncture to also provide a set of graphics which the president has authorized me to share with Nigerians that otherwise would be confidential. These are graphics supplied to Mr. president by NNPCL.

“In the graphic, what you will find is the present cost of refined premium motor spirit at the pump in each of the West African nations that are our neighbours and I’ll just name some for example, even as I know, you will be showing your audiences the graphics, which the president has graciously approved for public release today.

“In Senegal, the pump price today is N1,273 equivalent per litre; Guinea N1,075 per litre; Côte d’ Ivore N1,048 per litre equivalent; Mali N1,113 per litre; Central African Republic N1,414 per litre, while Nigeria is currently averaging between N568 and N630 per litre.

“We are currently the cheapest, most affordable purchasing state in the West African sub-region by some distance. There is no country that is below N700 per litre.

“So, this is the backdrop we have seen, that at the inception of our deregulation policy as of June 1 as Mr. President took office, we have seen PMS consumption in the country drop immediately from 67 million litres per day, down to 46 million litres. The impact is evident.

“What it also mean though, is that we are not at the end of the tunnel. There is still a bit of darkness to travel through to get towards light. And we are pleading with Nigerians to please be patient with us.

“As we promised from the beginning, we will be open with Nigerians, we will be transparent with them. And we are ready to show you exactly what it is that our nation is facing with respect to the illiquidity in the market in terms of foreign exchange, as a result of what is now known to have been a gross mismanagement of the Central Bank of Nigeria, CBN, over the course of several years preceding this time.”

No plan for fresh petrol price hike, says NNPC as queues resurface

Also late Monday night, the Nigerian National Petroleum Company, NNPC Limited said it had no plan to raise the pump price per litre of Premium Motor Spirit, PMS, also known as petrol.

NNPC Limited spokesman, Muhammad Garbadeen, said in the statement that the company had no intention to increase petrol price for the third consecutive time since the removal of petrol subsidy on May 29, 2023.

“Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated.

“Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide,” Garbadeen said.

Kenya reinstates fuel subsidy for 30 days to curb soaring prices
Meanwhile, the Kenyan government has reintroduced fuel subsidy to curb soaring prices of petrol, kerosene and diesel in the country.

The development came after months of violent anti-government protests over the burden of high living costs, with inflation also now reducing from 7.9 per cent in June to 7.3 per cent last month.

The Energy and Petroleum Regulatory Authority, EPRA, Kenya’s energy regulator, said Monday that oil marketing companies would be compensated from the Petroleum Development Fund.

A Kenyan cook, Maliha Mohammed, has surpassed Hilda Baci’s record of the longest cooking marathon.

Mohammed achieved the feat a few months after declaring her intention to pursue it.

26-year-old Hilda Baci had achieved the longest cooking marathon with a time of 93 hours and 11 minutes.

She was on Tuesday, June 13, officially declared the Guinness World Record holder.

Chef Mohammed who began her cook-a-thon on August 11 unofficially set a new record after cooking for 95 hours 15 minutes.

The mother of two who had previously broken the Guinness World Record in 2019, posted pictures online to mark her new accomplishment.

The Guinness World Record, however, has not confirmed Chef Mohammed’s new cooking record.

Senate President Godswill Akpabio says there needs to be a change in behaviour and attitude from citizens if the scourge of corruption and social decadence in Nigeria are to be addressed meaningfully

Akpabio made this known on Tuesday at the national policy dialogue on corruption, social norms and behaviour change in Nigeria.

He was represented at the event by Saviour Enyiekere, his deputy chief of staff. The dialogue was organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The senate president said behavioural change could be Nigeria’s single biggest instrument in addressing corruption and the destruction of social norms in the country.

“The process of behavioural change typically involves awareness and recognising the need for change and potential benefits and consequences associated thereof,” he said.

“This affects gathering information, learning, and becoming aware of existing behaviours. It also involves motivation and developing the desire to change.

“The motivation to change certain behaviours can be influenced by personal goals, values, social pressures, or external incentives.

“Essentially, behavioural change becomes possible when we educate and inform by providing accurate and relevant information about unacceptable behaviours, their consequences, and alternative options.

“This helps individuals make informed decisions and understand the benefits of the change that we seek. I also believe that in achieving behavioural changes, incentives and rewards play a great role as they tend to reinforce desired behaviours.

“Tangible rewards, recognition, or positive feedback that encourages individuals to continue or adopt new behaviours have the capacity to drive people towards new behaviours.

“Therefore, for us as a country and a people desirous of delivering change to our society and through it, building a nation that caters for its people and makes its resources work for its people, we must use behavioural change as a tool to tackle the menace of corruption and failing social values in our country.”

Akpabio added that tackling corruption involves transparency and accountability, noting that the 10th senate under his leadership is positioned to bridge existing legislative gaps in the fight against corruption.

“However, institutions like the ICPC must enforce comprehensive anti-corruption laws that criminalize corrupt activities, and establish clear guidelines for ethical behaviours,” he said.

“The extant laws of Nigeria have provided for the independence of the judiciary and effective law enforcement agencies to investigate and prosecute corruption cases.

“I also believe that we must develop the courage to promote a culture of ethics and integrity in our schools. This is because fostering a culture of ethics and integrity in the society through education and awareness campaigns will help to promote such values as honesty.”