United Bank for Africa PLC is facing 1,146 litigations from customers and business partners who are claiming a total of N593.1bn.
But the lender’s directors do not see the amount claimed as serious audit issues, the bank said in its financial statement for June 2023, THE WHISTLER reports.
The claim does not also amount to an admission of liability by the bank, the lender said.
UBA said, “The Group, in the ordinary course of business is currently involved in 1,146 legal cases (2022:1,422). The total amount claimed in the cases against the Group is estimated at N593.188 billion (2022: N666.124 billion).
“The directors having sought the advice of professional legal counsel, are of the opinion that no significant liability will crystalise from these cases beyond the provision made in the financial statements.”
The company’s books also showed that borrowing rose to N 595.8bn in June, a N60.1bn rise from the N535.7bn in December 2022.
The debts are dominated by – Eurobond debt security of N226.3bn; Abu Dhabi Commercial Bank N38bn; Proparco N45.6bn; African Development Bank N29.19bn; European Investment Bank N19.7bn; Agence Francaise de Development N14bn and others worth N2.69bn.
The lender however, paid N20.135bn as interest on borrowing, up from the N12.98bn paid in June last year.
Meanwhile, UBA declared N403.6bn profit before tax in June, up from the N85.75bn posted in the corresponding period of last year.
UBA’s revenue surged to N981.77bn during the period with the Nigerian segment accounting for N716.7bn, the books show.
In the first half of last year, the lender posted N372bn revenue with the Nigerian operations accounting for N218.89bn.
The Minister of Transportation, Saidu Alkali, has inaugurated the first cargo movement from the Lagos-Ibadan rail corridor during his first official tour of on Tuesday, September 12.
The Minister kicked off the rail corridor tour at the Ebute Meta station before proceeding to Apapa for the launch, then travelled to Ibadan using the 157 km rail corridor. Three coaches of 30 wagons were loaded as the inaugural freight movement was kicked off.
The Nigerian Railway Corporation (NRC) said it would start with three coaches per day with its Managing Director (MD) noting that the corporation had the capacity to scale up the numbers.
This effort is expected to decongest the Apapa port as shippers moved 92.28 percent of Nigeria’s total exports and 60.77 percent of imports through the facility in the first quarter of 2022 (Q1’22).
Governor Rotimi Akeredolu of Ondo State has approved the sacking of the media team attached to the Deputy Governor, Lucky Aiyedatiwa.
Naija News reports that this was made known in a statement on Tuesday titled: ‘Government House Media Team Rejigged’ and signed by the Chief Press Secretary to the Governor, Olabode Richard Olatunde.
The Governor stated that all media aides seconded to the office of the deputy Governor have been relieved of their appointments with immediate effect.
The affected aides include: Press Secretary to the Governor, Kenneth Odusola; Special Assistant to Governor (New Media) Oladipupo Okunniga; and Special Assistant to the Governor (Photography) Samson Abayomi Adefolalu.
The statement added that they are to submit all government properties in their possession to the Acting Permanent Secretary, Office of the deputy Governor.
“Similarly, the Press Crew attached to the office of the deputy governor has been disbanded.
‘Consequently, all members of the Press Crew are to report back to their various ministries and stations.
“Equally, the ministry of Information and Orientation is directed to provide adequate coverage for the activities of the deputy’s governor office henceforth,” the statement read.
Naija News reports that Akeredolu’s action follows the footstep of his counterpart in Edo State, Godwin Obaseki, who sacked media aides to his deputy, Philip Shaibu.
The announcement is coming hours after the Deputy Governor of Ondo State expressed his commitment to his principal, Governor Akeredolu.
Aiyedatiwa in a statement released through his media aide, Kennet Odusola-Stevenson described reports making rounds about his purported disloyalty to Akeredolu as lies.
He claimed that the allegations were aimed at causing disaffection between him and his boss.
The statement was titled, ‘The fabricated lies against the deputy governor of Ondo State: the blackmailers are at it again.’
According to the statement, the reports were spread by some faceless groups and individuals in the state to soil his image for political reasons.
[NaijaNews]
Veteran Nollywood actor, Richard Mofe-Damijo (RMD), has admitted that it is “very hard” for entertainers to be faithful in marriage.
He said married male celebrities are often targeted by desperate ladies who aim to lure them into infidelity.
The 62-year-old thespian stated this in the latest episode of the Teju Babyface Deep Dive Podcast, hosted by comedian Olateju Oyelakin, aka Teju Babyface
Mofe-Damijo said, “It’s very hard for entertainers to be faithful in marriage because of the line of work that we are in. Every one of us is married, we are the target. Look at how women are, how can you escape it? Women are like Delilah, they are like Jezebel, they prepare… The only way the enemy can perpetrate their real intention is to constantly aim at the image of God or the symbol of authority in any home. Then shut it down. It’s like shooting a General on the battlefield. You drop him and then the battalion scatter. Their mission is to take down the head of the family.
“So, it’s very difficult [to be faithful]. You have to get to the point where your wife understands what she is up against as well. Because if your wife is not up to speed on what she is up against, then you would be left open.”
RMD is married to television personality Jumobi Adegbesan. The couple got married after he lost his first wife, talk show host May Ellen ‘MEE’ Mofe-Damijo in 1996.
The Special Adviser to the President on media and publicity, Ajuri Ngelale, has said that the reversal of the visa ban on Nigerians by the United Arab Emirates does not mean that things would go back to business as usual as it concerns UAE visa applications and processing.
He said this in an interview with Channels ‘Politics Today on Monday night, September 11.
Ngelale said: “Every agreement comes with mutual responsibility, there’s no free lunch. And what I mean by that is the notion that “flood gates open up and that we will go back to business as usual”. That is not what Nigerians should expect. I want to be very clear about this so that everybody understands.
“One of the major challenges within the bilateral relationship with respect to visa processing, with respect to Nigerian being able to migrate to the UAE, for example, was the fact that there was a kind of relax on the part of certain visa processes or certain applications that were being made that created a lack of specificity or lack of diligent evaluation with respect to who is travelling to the UAE and why they are travelling.”
“This why we had issues, just a few bad eggs amongst our people, giving a bad name to all of us which was a major sticking point as to why we got to this point. What we’ve done is part of the process is put in place new measures that will ensure that there’s effective diligence done on the part of both sides, that’s the UAE authorities and the Nigerian authorities in making sure that any Nigerian citizen seeking to travel to the UAE for example is being thoroughly scrutinized not in a way that is prejudicial, not in a way that is presumptuous or negative but in a way that ensures that well-meaning citizens, people that want to go and do business or people who want to get education or people who want to participate as active in productive or active citizens in those domains are those people.
“Not people that’ll be involved in drug trafficking that some of our people have engaged in when they travel abroad. So, these are some of the things that have to be sorted not in a way that is whimsical, in a way that is disturbing and that is part of what we are agreeing to. To ensure that our best people, our peace-loving and well-meaning people are those leaving abroad. Because they’re going to give us a good name and effectively represent us wherever they’re in the world.”
[NationalDaily]
Chaos engulfed the Garki area of the Federal Capital Territory on Tuesday following a violent clash between two factions of the National Union of Road Transport Workers on Sapele Crescent, off Ladoke Akintola Boulevard, Garki II, Abuja.
The conflict underlines an ongoing dispute within the NURTW, a development which observers say requires urgent intervention by the federal government, to prevent further breakdown of law and order, especially in the nation’s capital city.
It was reported that a clash broke out when supporters of the NURTW President, Tajudeen Baruwa, marched towards the union’s national headquarters, which is currently occupied by the Lagos Park Management Committee led by Tajudeen Agbede.
The PUNCH reports that Baruwa had earlier revealed that he sought the intervention of the Nigeria Police Force and the Nigeria Labour Congress to resolve the situation, without success.
“We shall henceforth not hesitate to defend our mandate with the last drop of our blood,” Baruwa had earlier vowed while accusing former NURTW leaders of illegally occupying the National Secretariat of the union.
He stressed that only a court of competent jurisdiction can invalidate his mandate, and encouraged aggrieved members to follow due process and seek legal redress, warning that anything short of this could lead to anarchy.
He further accused the former president of the union, Najeem Yasin, and Agbede, the former National Vice President, of holding illegal meetings with selected past leaders of the union.
While calling on the Inspector-General of Police, Olukayode Egbetokun, and Director General of the Department of State Services, Yusuf Bichi, to intervene in the matter, he alleged that the police seem to be working in favour of the Lagos Park Management Committee.
Though our correspondent could not ascertain the exact number of casualties, if any, as of the time of filing this report, however, eyewitnesses revealed that the transport union members fired several gunshots in the air during the conflict, which caused heightened tension in the area.
When contacted over the development, the spokesperson for the FCT Police Command, SP Josephine Adeh referred our correspondent to the Force Headquarters.
However, the Force PRO, ACP Olumuyiwa Adejobi did not respond to enquiries by our correspondent.
[Newspot]
Dapo Abiodun, governor of Ogun, says he is not being “vindictive” regarding the partial demolition of Datkem Plaza.
Abiodun spoke on Monday during the inspection of the reconstruction of Mowe-Ofada road in the Obafemi-Owode LGA of the state.
Datkem Plaza is a building owned by Olufunke, wife of Gbenga Daniel, former governor of Ogun state.
Daniel governed Ogun from 2003 to 2011.
Last Sunday, Datkem Plaza, a building situated in the Ijebu Ode area of Ogun, was demolished by officials of the state urban development ministry.
In a statement issued through Adeyinka Kotoye, her counsel, Olufunke accused the Ogun governor of “illegality”, adding that despite suffering unimaginable and huge losses, she will continue to seek redress in court.
Speaking during the inspection, Abiodun said the demolition exercise was not to “witch-hunt” anyone in the state.
The Ogun governor said building codes must be respected, adding that the state would be “chaotic” if building laws are disregarded.
“We are a responsible government. We are responsible to our citizens. We are a law-abiding administration,” he said.
“I’m sure that everyone will testify to the fact that since I assumed office in 2019, I have ensured equity, fairness, and upheld the rule of law.
“I have not in any way, form or manner attempted to be vindictive or appear like someone who is trying to witch-hunt anybody.
“These are some of the insinuations I have read on the social media and nothing could be further from the truth.”
Abiodun asked residents to always abide by building codes of the state.
[TheCable]
The member representing Oluyole Federal Constituency of Oyo State in the House of Representatives, Hon. Tolulope Akande-Sadipe, has denied reports that she inflated the contract sum of a road rehabilitation project in her constituency.
The lawmaker was reacting to reports in the media that she connived with officials of the Federal Ministry of Works to inflate a 45 kilometre road project from N9 billion to N54 billion.
The contractor handling the project, DC Engineering Limited, was quoted to have made the allegation at a public hearing organised by the House of Representatives in Abuja.
Speaking with journalists on Tuesday, Akande-Sadipe explained that the Olojuoro, Ijebu-Igbo, Ita Egba, Owonomwen road project in her constituency in Oyo State was awarded in 2018 with a two-year completion period, but after five years, one kilometer of the road has not been completed despite the contractor being mobilized substantially.
According to her, several petitions have been written by her constituents, prompting her to sponsor a motion calling for investigation as the road got deplorable with serious human casualties on daily basis due to accidents.
Her intervention, she said, was within the mandate of her office as a lawmaker in protecting the interest of her constituents, hence, she raised a motion expressing concerns over the deplorable state of the road and calling on the lower legislative chamber to investigate with documentary evidence of payments made to the contractor.
Her motion urged “the House to establish an Ad-Hoc Committee to conduct a comprehensive investigation into the consistent failure of the contractors to fulfill their contractual obligations”.
“The investigation should specifically focus on the construction and rehabilitation of the Olomi Olojuoro road, referred to as the Ijebu-Igbo Ita Egba-Owonowen Ibadan road, with the following contracts and budget allocations,” the motion added.
The lawmaker expressed disappointment that she was being blackmailed by the company, which she said failed to meet up with the terms of the contractual agreement to the benefit of the people of the Oluyole area.
A paper she presented at the public hearing on the road project partly read, “My attention has been drawn to a letter dated 29th August, 2023 written by the solicitors to DC Engineering Limited Co and Oba (King) Adesegun Alowonle, the Emure of Ijebu, the person believed to be the owner of the company.
“This letter accused me of total falsehood in an attempt to steer this hallowed committee away from, the true situation on ground with regards to Olojuoro, Ijebu-Igbo, Ita Egba, Owonowen road in Oluyole Federal Constituency.
“The letter did not address the substance of the several petitions and motions in anyway, including the most recent of 13th July, 2023, rather what they went into was to disparage my person and smear my name and engage in scandalous defamation of my character by alleging that my objective in intervening on behalf of Oluyole is to promote a particular contractor – Aereatech Nigeria Limited, to the Federal Ministry of Works.”
The lawmaker denied having any “direct or indirect relationship with the said contractor, and I am not in any way related to the said contractor. I have never introduced any such contractor and have never inflated any contract”.
She alleged that the competence of DC Engineering calls for investigation given that some parts of the road project were sub-let to other minor construction firms in contravention of the contractual terms.
Akande-Sadipe further recalled how she initiated an inspection visit to the site in 2021 with representatives of the Federal Ministry of Works, the Commissioner of Public Complaints Commission and representatives of DC Engineering Limited, only to discover that the company was accused of collecting money from communities to fix feeder road culverts which were removed in the course of the rehabilitation work.
[DailyPost]
The Minister of Education, Prof. Tahir Mamman, says the government is determined to initiate a new creative means of funding tertiary education by granting universities the autonomy to explore new sources of financing their activities.
He said this in Abuja yesterday at the Nigeria’s Annual Education Conference (NAEC) with the theme, ‘Implementation of Education 2030 Agenda for Sustainable Development in Nigeria’.
He said the conference would discuss emerging trends, including university autonomy and the Students Loans Fund as well as education financing which, according to him, align perfectly with President Bola Tinubu’s vision for the sector.
He said the theme of the conference would always remain relevant until the country achieves 100 percent of the targets set in the Sustainable Development Goals 2030 and beyond to education-related indicators and targets of Agenda 2060 of the African Union.
“As a signatory to the SDG 2030 and AU Agenda 2060, Nigeria must continue to demonstrate its commitment to achieving these goals through leadership and ownership of the implementation process. The education sector is one of the line sectors that ensure that planning and budgeting in the country are within the framework of the SDGS,” he said.
The minister said, “In proposing and developing implementation strategies, also provide for mechanisms for constant monitoring and evaluation, to ensure goals are achieved.”
[DailyTrust]
The Naira on Monday lost against the Dollar as it exchanged at N773.50 at the Investors and Exporters window.
The local currency depreciated by 7.08 per cent against the N736.62 it exchanged for the dollar on Sept. 8.
The open indicative rate closed at N771.49 to the Dollar on Monday.
A spot exchange rate of N804.15 to the Dollar was the highest rate recorded within the day’s trading before it settled at N773.50.
The naira sold for as low as N722.39 to the Dollar within the day’s trading.
A total of 37.86 million dollars was traded at the investors and exporters window on Monday
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The Central Bank of Nigeria may be asked to withdraw its audited annual financial reports which were released last month, according to findings by The PUNCH.
This came after a team investigating the apex bank discovered discrepancies and irregularities in the financial accounts.
In August, the CBN released its financial accounts for the years 2016 to 2022 amid an ongoing probe of the financial services sector regulator by a Special Investigator appointed by President Bola Tinubu.
Tinubu had on July 28 appointed a former Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as Special Investigator to probe the activities of the apex bank under its suspended governor, Godwin Emefiele.
Aside from the CBN, the Special Investigator is also investigating the Nigerian National Petroleum Corporation Limited, FRC and other Government Business Entities.
The President, in the letter which he personally signed, said the move was in continuation of the government’s anti-corruption fight.
The letter, dated July 28, 2023, read, “In accordance with the fundamental objectives set forth in Section 15(5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), this administration is, today, continuing the fight against corruption by appointing you as a Special Investigator, to investigate the CBN and Related Entities. This appointment shall be with immediate effect and you are to report directly to my office.
“The full terms of your engagement as Special Investigator shall be communicated to you in due course but require that you immediately take steps to ensure the strengthening and probity of key Government Business Entities, further block leakages in CBN and related GBEs and provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments (whether private or public).
“You are to investigate the CBN and related entities using a suitably experienced, competent and capable team and work with relevant security and anti-corruption agencies to deliver on this assignment. I shall expect a weekly briefing on the progress being made.”
The President also attached a copy of his directive suspending Godwin Emefiele as Governor of the CBN on June 9, 2023.
According to findings by The PUNCH, the CBN Special Investigator is working with a team of accountants, auditors, and forensic accountants to carry out the investigation.
Meanwhile, it was gathered on Monday that the CBN might be asked to withdraw its seven-year audited financial account reports (spanning 2016 to 2022) over allegations of containing inaccurate and false data.
Multiple sources close to the investigation said a presidential approval would soon be obtained to enable the relevant agency (FRC) to order the CBN to withdraw the controversial financial accounts.
Top sources close to the Special Investigator and his team said while the CBN financial accounts were not prepared using the International Financial Reporting Standards 9, which demands full disclosure of all financial transactions, the apex bank allegedly used guidelines purportedly obtained from the FRC in a controversial manner to prepare the financial accounts.
It was further learnt that the CBN allegedly paid N401.75m to IFRS Academy for the guidelines used in preparing the accounts.
“As a government institution, if you are getting any revenue, you are meant to pay it into Treasury Single Account from which certain percentage will be deducted for the government. According to documents, the N401m paid by the CBN for the accounting guidelines between 2016 and 2022 was paid into IFRS Academy account. The academy is a limited guarantee company set up by the FRC to train people in IFRS accounting,” a top official close to the investigation, who spoke on condition of anonymity, alleged.
“The issue is that the guidelines used in preparing the CBN accounts between 2016 and 2022 were not supposed to be paid for. Also, any accounting guidelines issued by the FRC are meant to be approved by its board and published on its website. These things were not done. The reason IFRS 9 was being avoided is to understate figures,” the official added.
Other officials close to the investigation, who spoke with The PUNCH, also claimed it was wrong to give the FRC accounting guidelines to external organisations.
As a result, it was learnt the Special Investigator team had included its recommendations that presidential approval be given to the FRC to order the CBN to withdraw the released annual financial accounts between 2016 and 2022.
“The team has also invited the auditors that prepared the accounts for questioning. Some of the data contained in the CBN financial accounts cannot be relied upon as far as the team carrying out the investigation is concerned. Once the President approves, the CBN will be asked to withdraw the accounts in order to prepare new ones using the proper accounting methodology and standards,” another official close to the team said.
Meanwhile, findings have shown that Department of State Services may invite the Executive Secretary/Chief Executive Officer of FRC, Shuaibu Ahmed, and some top officials of the agency for questioning.
Also, the Special Investigator and his team are expected to question officials of the FRC for allegations bothering on the controversial accounting guidelines used by the CBN, among other issues.
Already, the DSS has quizzed some deputy governors of the CBN as the investigation continues.
Also, It was learnt that more cases involving Emefiele might soon be revealed in court sessions.
Tinubu had on July 28 directed the CBN Special Investigator to work with security and anti-corruption agencies to provide a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments, whether private or public.
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Economists and civil society organisations are divided over the probe of the CBN, NNPCL and other Government Business Entities by the president.
While some supported the move, others expressed concerns saying it might send the wrong signal to the international and foreign investment community.
However, some experts and groups said the investigation was necessary to ascertain if there were any infractions or alleged abuse of office by the suspended CBN Governor, Godwin Emefiele, and other top government officials.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the investigation had become necessary to ascertain if there were any infractions or abuse of office.
He said, “It is a new administration, and if there is any reason to suspect that the case has not been managed well, the only way to get the facts out is through the normal audit and maybe a forensic audit. It is not out of place.
‘’If there is any suspicion of abuse of office, the normal thing is to do a forensic examination to ascertain whether there was any infraction or abuse of office. You need to get the facts before you can take action against anybody. That is what it is.”
Also, a professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Prof Sheriffdeen Tella, also supported the investigation.
He said, “Any investigation is worth it. There is a need for investigation to determine the transparency and accountability of their job and to ensure that they have been working in the context of corporate etiquette. So, there is nothing wrong with the investigation at all.”
An economist with the School of Management and Social Sciences, Pan-Atlantic University, Prof Bright Eregha, observed that the Federal Government might have ordered the probe because it felt the apex bank did not perform well or stick to its mandate.
He added that the probe would also be extended to other government enterprises, such as the Nigerian National Petroleum Company Limited and other entities, stressing that the investigation might restore confidence in the system.
Eregha said, “The CBN ought to be an independent body, however, we see in the last government, that independence was not really there in terms of the CBN governor not being involved with political issues.
“We saw what transpired in terms of his affiliation and moves. And then, there is the issue of the Naira redesign. I think this government just thought that the CBN is not doing well regarding the sanctity of the central bank in terms of its independence. So they felt a need to do a number of investigations.
‘’Don’t also forget that the CBN in the past has been involved in a lot of financial support to several sectors. I think the current government felt that for us to move forward, they need to investigate.
“That investigation is not only on CBN, it is also looking at other financial institutions. I’m also thinking it will go beyond the financial institutions to companies like the NNPC and all these places that we need to investigate to restore some level of confidence in Nigeria.’’
But the Chairman of the Foundation for Economic Research and Training, Professor Akpan Ekpo, expressed worries that the audit of the apex bank might send the wrong signals to potential investors.
He, however, maintained that the President might have his reasons for ordering the probe.
He stated, ‘’My worry is that to have made the audit of the central bank so open will send wrong signals to potential investors; foreign investors, who will start wondering whether our apex bank has serious problems. That is my take.
“But as a president, maybe he knows what we don’t know. When you start probing your apex bank, then you send a wrong signal in terms of the direction of the economy and in terms of what will happen going forward. Already, there is a challenge with getting investors to come in and there is a challenge with our forex reserve. It is depleting every day.’’
On the choice of the special investigator, Ekpo said, “I don’t know him but I wish he had sent someone completely neutral.”
The Chairman of the Centre for Anti-Corruption and Open Leadership, Debo Adeniran, said Obazee must investigate the monetary policy of the suspended governor of the central bank, and the illegality of the redesign of the naira note, noting that the former CBN boss should be prosecuted for crimes against humanity if it is found that the implementation of the policy had political undertones.
Adeniran noted, “They should investigate how the former governor of the CBN changed the Nigerian monetary policy and the illegality that was perpetrated when he didn’t do due diligence before he changed the colour of the naira. We need to see whether he had good reasons for changing the colour of the naira or otherwise because basically, the naira doesn’t have a problem. It is the monetary policy that he put in place that could have been the problem.
“They should look at the monetary policy he implemented, and if there is any political undertone, for the implementation, or the changing of the colour of the naira without recourse to due process, and if he were to be politicking with the lives of Nigerians, then he should be seen to have committed a crime against humanity.
The Executive Chairman of the Civil Society Legislative Advocacy Centre, Auwal Rafsanjani, said the appointment showed the laxity of agencies of government such as the National Assembly, who should ideally checkmate activities of government, adding that anyone discovered to have looted public funds should be prosecuted and banned from holding public office.
“We commended the effort to recover every looted fund from every looter. So, we are calling on the administration of Bola Tinubu to ensure that everyone that has done something wrong must be not only investigated, but also if there is any evidence of looting or stealing public funds, the monies must be returned, and those people must be barred from holding public offices. We hope that this probe would be carried out without any political consideration or cover-up,’’ he advised.
The 650,000 barrels per day Dangote Refinery is yet to begin production after the August commencement date, earlier announced by the President, Dangote Group, Aliko Dangote.
While delivering his speech at the official commissioning of the refinery by former President Muhammadu Buhari in May, he said, “Your excellencies, distinguished guests, our first product will be in the market before the end of July or beginning of August this year.”
However, no drop of refined petroleum product from the refinery has hit the market weeks after the promised production deadline, according to findings by The PUNCH.
Spokesperson for the Nigerian National Petroleum Company Limited, Garba Deen in June, said that the company would cut down its fuel imports programme in August, once the Dangote Refinery began to push out refined petroleum products latest August.
A top source among the Major Oil Marketers Association of Nigeria also confirmed that NNPCL had cut down importation.
Corroborating Deen, while speaking to journalists after a meeting with oil marketers in Abuja, also in June, the Chief Executive, the Nigerian Midstream and Downstream Petroleum Regulatory Agency, Farouk Ahmed, also said NNPCL had cut down on importation.
Officials of the Communications Department of Dangote Refinery could not speak on the matter as of press time.
However, a source at the refinery told The PUNCH that the management was unsure of when petrol refining would begin at the Ibeju-Lekki facility.
The source who was not authorised to speak said, “For now, the management has not come out with any official date.”
The President, Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, advised the Federal Government to focus on completing the Port Harcourt refinery rather than focus on the Dangote refinery.
He said, “We should rather focus on making other refineries work because it would cut down on freight rates from importation, and would reduce prices. Dangote is a private businessman and can decide tomorrow that he would not refine again, although the government has a 20 per cent stake in the refinery. We should rather push for our own refineries, and ask the government the question such as; when is the Port Harcourt refinery going to start refining petrol?”
The National Controller Operations, the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, also said there was no cause for alarm as far as petrol supply was concerned as the NNPCL was still importing.
According to him, management of the Dangote refinery may have delayed production, due to some internal challenges.
He also advised the Federal Government, to ensure that other local refineries come on stream rather than depend on the Dangote refinery.
Tinubu Asks U.S. Judge To Disregard Records Suggesting Female Admission - Accuses Atiku Of Sandbagging
AdminAhead of a scheduled hearing in the U.S. on Tuesday, Nigerian President Bola Tinubu filed a response asking the court to disregard records suggesting the person admitted to Chicago State University in the 1970s was female.
Tinubu claimed opponent Atiku Abubakar was trying to “sandbag” him by raising the records in his ongoing challenge to Tinubu’s election over allegedly falsified academic documents.
However, the records came from subpoenaed documents from CSU itself, which show a “Bola Tinubu” who enrolled in 1977 submitted a transcript belonging to a woman.
This and other discrepancies in CSU records, like two different graduation dates and a president who joined the school post-graduation signing Tinubu’s certificate, prompted Abubakar to seek further disclosure.
But Tinubu argued the female transcript issue was a “conspiracy theory” and reason to ignore it for Tuesday’s hearing. Abubakar’s lawyers quickly responded consenting to Tinubu submitting a response but asserting their right to address his claims in court.
The academic controversy has intensified ahead of the U.S. court date, where Abubakar hopes records will bolster his challenge to Tinubu’s presidency over allegedly falsified documents. Tinubu appears to be downplaying the disputes despite glaring inconsistencies emerging from CSU.
The Central Bank of Nigeria issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures.
The new directive was conveyed in a letter dated September 11, 2023, signed by the Director, Banking Division Department, Haruna Mustafa, and it is expected to be implemented immediately.
FX revaluation gains refer to the increase in the value of a bank’s assets and liabilities denominated in foreign currency when there is a change in the exchange rate between the foreign currency and the local currency.
The CBN said it had assessed the consequences of the recent FX rate regime change on the banking system and identified its potential to substantially impact the Naira values of banks’ foreign currency (FCY) assets and liabilities.
The FX reforms negatively affected some businesses in the first quarter of 2023, but Nigerian banks were largely profitable.
According to the lender, FX revaluation gains must serve as a counter-cyclical buffer to safeguard against potential adverse FX rate fluctuations.
The CBN emphasized that banks should utilize these revaluation gains to reinforce their capital reserves, thus enhancing the banking sector’s capacity to endure volatility and economic shocks.
The letter reads in part, “The Bank thus approved the following prudential guidance and directives for immediate implementation by banks:
“Treatment of FX Revaluation Gains: Banks are required to exercise utmost prudence and set aside the FCY revaluation gains as a counter-cyclical buffer to cushion any future adverse movements in the FX rate. In this regard, banks shall not utilize such FX revaluation gains to pay dividends or meet operating expenses.
“Single Obligor Limit (SOL): Banks that inadvertently breach the Single Obligor Limit (SOL) due to the FX policy will be granted forbearance upon application to the CBN. The forbearance shall apply only to existing facilities as of the effective
date of this policy. Such banks shall be exempted from the regulatory deductions on the excess above the SOL limit in their CAR computation.
“Net Open Position (NOP) Limit: Banks that exceed the NOP prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application.
“Existing prudential regulations on capital adequacy, dividend payments, and FCY borrowing limits shall continue to apply. shall be exempted from the regulatory deductions on the excess above the SOL limit in their CAR computation.
“Net Open Position (NOP) Limit: Banks that exceed the NOP prudential limits due to the FX revaluation shall be granted forbearance for the breach upon application.
“Existing prudential regulations on capital adequacy, dividend payments, and FCY borrowing limits shall continue to apply.”