The House of Representatives ad hoc committee set up to investigate crude oil theft and loss of revenue from gas has vowed to unveil the identities of those behind oil theft in the country.

Rep. Kabiru Rurum, chairman of the committee, said this while speaking with the News Agency of Nigeria (NAN) ahead of its investigative hearing slated for Sept. 7.

He said the oil sector remained the major source of revenue for the country, adding that it was determined that the investigation would not be like the previous ones.

According to him, oil and gas are the major areas where the country gets its resources but the problem of oil theft has continued to go from bad to worse on a daily basis.

“The purpose of the committee is to reveal who and who are the architects of what is going on in the area of crude oil theft.”

He said apportioning blame to security agencies would not suffice, adding that stakeholders in the oil sectors should be held responsible including Chevron, Shell, and communities, among others.

“We need to identify the culprits, this is the purpose of the investigation. Everybody including critical stakeholders should come and tell us their side of the story,” Rurum said.


He said the modalities and ways to stop or minimise theft in the oil sector should be suggested by all stakeholders which was the main purpose of the committee.

He said the committee had invited the Nigerian Navy as the custodian of the nation’s water, Airforce, Civil Defence, and Police Intelligence Agency, among others.

According to him, the challenges confronting the oil sector and the probable solution would be discussed.

He said the Norwegian Embassy which had earlier promised Nigeria to assist in three areas to curtail oil theft had been invited to proffer a solution.

He said its recommendation would be firm because the government knew that there were serious challenges in the sector, adding that it would work in synergy with the National Security Adviser.

Rep. Philip Agbese (APC-Benue) had earlier moved a motion on the need to investigate crude oil theft and loss of revenue accrued from the oil and gas sector in Nigeria.


The House, however, constituted an ad hoc committee to investigate the issues. (NAN)

The Presidential Election Petitions Court has held that the All Progressives Congress (APC) lacks the locus standi to challenge Peter Obi’s membership of the Labour Pary (LP).

APC and Bola Tinubu had in their petitions argued that Obi’s name was not contained in the list of LP members forwarded to INEC on April 25, 2022 and breached Section 77 of the Electoral Act, 2022.

But in the lead judgment on the objections by the APC against the petitions of Obi and the LP, Justice Abba Bello Mohammed held that the matter was solely an internal affair of the political party.

“It is only the second respondent (LP) that has the sole prerogative of determining those who are its members,” he said.

Justice Mohammed also dismissed APC’s objection on the non-joinder of PDP presidential candidate, Atiku Abubakar in Obi and LP’s petition challenging the results of the election for him (Atiku) not being a necessary party in the petition.

The Presidential Election Petitions Tribunal has ruled that President Bola Tinubu cannot be disqualified on the basis of his forfeiture of drug money in the United States.

The verdict was declared by Justice Haruna Tsammani-led five-member panel of the Presidential Petition Election Tribunal on the petition on Wednesday.


According to the PEPT, Tinubu was previously cleared by the Nigeria Police Force of any criminal issues in the US, which came through an inquiry the police had made to US law enforcement.

The court disclosed that Tinubu has been able to enter and exit the US, and that suggests he has no criminal case.

In his ruling, Tsammani said the judgement of the US District in Northern Illinois which ordered the forfeiture of Tinubu’s $460,000 in a drugs-related case was in civil proceedings in which Tinubu was not a party.

On the issue of non-qualification due to an alleged criminal indictment, the petitioners had contended that Tinubu had forfeited $460,000 in the US as an indictment in drug trafficking.

According to the tribunal, the evidence (Exhibit P5) tendered by the petitioners shows that it was a civil forfeiture proceedings.

Justice Tsammani held that the petitioners failed to provide credible evidence to show that Tinubu was arraigned, took a plea or was sentenced or fined in any criminal suit in the US.

“The order of forfeiture in Exhibit P5 on which the petitioners have relied does not qualify as a sentence of fine for an offence involving dishonesty or fraud within the confabulation of Section 137(d) of the 1999 constitution,” Tsammani said.

According to the tribunal, civil forfeiture is not a conviction or a criminal charge.

The Presidential Election Petitions Tribunal (PEPT) led by Justice Haruna Tsammani on Wednesday dismissed the claims of the Labour Party (LP) and its presidential candidate, Peter Obi, that they won 25% of needed votes in the Federal Capital Territory (FCT).

During the 2023 presidential election on February 25, LP and Obi won 25%, by securing about 59 per cent of the votes cast.

Neither President Bola Tinubu of the All Progressives Congress (19 per cent) nor Atiku Abubakar of the Peoples Democratic Party (15 per cent) scored up to 25 per cent of the votes in the Nigerian capital.

Ruling on the petition, the five-man tribunal dismissed the charge saying Abuja is like the other 36 states of the federation.


According to the tribunal, FCT residents have no special privileges as the petitioners claimed.

The Presidential Election Petition Court has said that the Independent National Electoral Commission (INEC) was at liberty to transmit election results however it wanted, and not only electronically.

On the mode of transmission of election results, the tribunal said INEC is at liberty to define the mode it intends to use.

Recall that Peter Obi and the Labour Party in their petitions challenging the victory of Bola Tinubu in the 2023 presidential election argued that the electoral body, INEC failed to transmit election results from the polling units to the collation centres electronically.


However, the court on Wednesday said there was nowhere in law where INEC was only required to transmit results from polling units to rev by electronic means.

The court said the electoral agency is at liberty to decide how it would transmit election results, adding that the law empowers INEC to decide the means of collation of the results of elections in Nigeria.


It further held that there is no requirement for INEC to electronically transmit the results of the election.

“By the provision of Section 52 and Section 65 of the Electoral Act, INEC is at liberty to prescribe the manner in which result can be transmitted. INEC cannot be compelled to electronically transmit result,” the court held.

President Bola Tinubu on Wednesday commended Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India, saying, "we are ready to give you the best returns for investment possible, there's nowhere else like our country. Nigeria offers the best returns for investment today, so invest now."

Among these many new investments, Indorama Petrochemical Limited has pledged a new investment of $8 billion U.S. dollars in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.

Jindal Steel and Power Limited, one of India's largest private steel producers, has committed to investing $3 billion in Nigeria, following discussions with President Tinubu on the sidelines of the G-20 Summit in New Delhi, India.

Founding President of SkipperSeil Limited, Mr. Jitender Sachdeva announced that, following President Bola Tinubu's personal intervention, he is investing $1.6 billion U.S. dollars in the establishment of twenty 100MW power generation plants across the states of Northern Nigeria, amounting to 2,000MW of new power within the next four years.

Additionally, the President has approved finalization on a new $1 billion U.S. dollar agreement to bring the Defense Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defense equipment in-country by 2027 through a comprehensive new partnership with the Managing Arm of the Miltary-Industrial Complex of the Indian Government.

Another Indian firm, Bharti Enterprises, which is a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, has expressed its commitment to invest an additional $700 million in Nigeria, with work set to begin immediately.

Emphasizing that under his pragmatic leadership, agreements must now manifest in industries and jobs on the ground in Nigeria, President Tinubu expressed gratitude to all Indian companies and individuals who have responded positively to his administration's efforts to improve Nigeria's macroeconomic and investment climate.

"Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems," the President affirmed.

Prospective investors were informed by the President, that in Nigeria, there is no free lunch or shortcuts, but that he has "good economic policy for the investors as well as able men and women in leadership and on the ground, who can drive the goal of broad prosperity through investment and infrastructure."

"I will captain and lead the course of investment, development, and prosperity for the largest democracy in Africa and for investors from the rest of the world," the President added, reiterating that Nigeria is open for business with intelligent, innovative, capable, and highly committed individuals in government, who are ready to drive the largest economy in Africa to destiny.

The President also told the Summit that "he is proud" that the Nigerian stock market had broken records in its consistent bullishness since he assumed office.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who addressed the roundtable themed, "Building Partnerships with Renewed Hope for a Diversified and Prosperous Economy," thanked Mr. Naveen Jindau, Chairman of Jindal Steel and Power Limited, for the new $3 billion investment in iron ore processing and steel development in Nigeria.

Commending the Tata group and so many others who have immediately responded to Mr. President's bold and decisive moves to correct the major systemic faults in the macro-economic and investment climate in Nigeria, the Finance Minister noted, "I also wish to thank Mr. Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, for his continued commitment to invest in the first phase at least $700 million dollars more in Nigeria," Mr. Edun said.

Minister Edun further used the opportunity to explain the underlying principles of President Tinubu's eight-point strategy, emphasizing that his agenda aims to promote growth and job creation, poverty reduction, food security, improved access to capital, inclusivity, business and citizen security, and fair play on a foundation of rule of law and anti-corruption.

On behalf of investors, Chairman of Bharti Enterprises, Mr. Sunil Bharti Mittal told the President, "You have unified the FX market. You have freed up crucial capital to upgrade your public infrastructure. Now, you have just dropped your prepared remarks and have spoken from your heart. Our investors have heard from a leader who is doing everything possible to attract capital to Nigeria for the benefit of Nigerians and our companies. Mr. President, we will bring these investments to Nigeria, and with your inspiring leadership style, we can only do more and more."

Also, at the event, Nigeria's Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, and his counterpart from India's Ministry of Electronics and Information Technology signed a Memorandum of Understanding (MoU) for Co-operation in the field of Sharing Successful Digital Solutions, to be implemented at total population scale for digital transformation.

The Minister also signed an MoU with Central Square Foundation for Co-operation in the field of Sharing Successful Ecosystems, which involve interventions relating to education technology, to be implemented at population scale for digital economic transformation.

Under the watch of Nigeria's Industry, Trade and Investment Minister, Dr. Doris Uzoka-Anite, a third MoU on Infrastructure Development was signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion and Facilitation Agency of India, which helps investors looking for investment opportunities and options in India.

Closing the interactive session, Mr. Chandrajit Banerjee, the Director-General of the Confederation of Indian Industries (CII), noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.

"Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination," he concluded.

The Presidential roundtable, attended by President Tinubu, also had in attendance Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs;
Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.

Following the Roundtable, the President met individually with each of the top pledging investors to finalize on the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

…says he failed to list specific polling units

 

 

The Presidential Election Petition Court, PEPC, sitting in Abuja, has dismissed the allegation by the Labour Party, LP, and its candidate, Mr. Peter Obi, that the 2023 presidential election was rigged in favour of President Bola Tinubu.

The court, in its preliminary ruling that was delivered by Justice Abba Mohammed, held that Obi and the the LP, did not by way of credible evidence, establish their allegation that the election that held on February 25, was characterized by manifest corrupt practices.

It held that though the Petitioners alleged that the election was marred by irregularities, they, however, failed to give specific details of where the alleged infractions took place.

The court noted that whereas Obi and the LP, insisted that the election was rigged in 18, 088 polling units across the federation, they were unable to state the locations of the said polling units.

It further held that Obi’s allegation that fictitious results were recorded to President Tinubu and the APC, by the Independent National Electoral Commission, INEC, was not proved.

More so, it held that the Petitioners were unable to state the figures they claimed were reduced from election results they garnered in different states of the federation, especially in Ondo, Oyo, Rivers, Yobe, Borno, Tabara, Osun and Lagos state.

It held that the Petitioners equally failed to state the polling units where over-voting occured or the exact figures of unlawful votes that were credited to Tinubu by the INEC .

It stressed that though Obi and LP said they would rely on spreadsheets as well as forensic report and expert analysis of their expert witnesses, they failed to attach the documents to the petition or serve same on the Respondents as required by the law.

The court held that though the petition contained serious allegations that bordered on violence, non-voting, suppression of votes, fictitious entry of election results and corrupt practices, the Petitioners, however, failed to give particulars of specific polling units where the incidences took place.

It held that several portions of the petition that contained the allegations, were “vague, imprecise, nebulous and bereft of particular materials.”

Therefore, the court, struck out paragraphs 9, 60, 61, 66, 67, 68, 69, 70, 71, 72, 73, 76, 77, 78, 83 and 89 of the petition.

Nevertheless, the court dismissed the contention of the Respondents that Obi was not validly nominated by the LP to contest the presidential election.


It noted that the Respondents had argued that Obi left the Peoples Democratic Party, PDP, on May 24, 2022 and joined the LP on May 27, 2022.

The Respondents argued that as at May 30, 2022, Obi, was not a valid member of the LP and could not have duly participated in its presidential primary election.

They insisted that his name could not have been contained in the membership register of the LP, which ought to be submitted to INEC, 30 days before the primary election held.

However, the court, in its ruling, held that the issue of membership is an internal affair of a political party, which is not justiceable.

It held that only the LP has the prerogative of determining who is its member, adding that the Respondents were bereft of the legal to query Obi’s membership of the LP.

Likewise, the court, held that contrary to contention by Tinubu and the APC, the Petitioners, were not under any obligation to join Alhaji Atiku Abubakar who came second in the election or his party, the Peoples Democratic Party, PDP, in the case.

It held that both Atiku and PDP are not statutory Respondents or necessary parties to the petition.

Having decided the preliminary issues, Chairman of the five-member panel, Justice Haruna Tsammani, is currently reading the judgement of the court on the substantive matter.

President Bola Tinubu, and his main challengers in the 2023 presidential election, former Vice President and presidential flagbearer of the Peoples Democratic Party (PDP), Atiku Abubakar and their counterpart in the Labour Party, LP, Peter Obi are absent at the Presidential Election Petition Tribunal where judgment in their petitions are to be delivered.

Vice President Kashim Shettima, the National Chairman of the All Progressives Congress (APC), Abdullahi Umar Ganduje, and other prominent members of the ruling party are present.


Apart from Bauchi State governor, Bala Mohammed, no notable politician from the PDP is in court.

However, the Labour Party was represented by Julius Abure, the National Chairman of the party.

At the time of this report, the Tribunal members led by Justice Haruna Simon Tsammani have arrived to deliver judgment on the three petitions

Justice Tsammani has ordered that judgment in the petition of Peter Obi and the Labour Party be first delivered.

President Tinubu has traveled to New Delhi, India to attend the G20 summit.

In the next two weeks, the Central Bank of Nigeria (CBN) intends to inject $10 billion into the foreign exchange market to clear the forex backlog as scarcity persists.

This is according to the Acting Governor of the CBN, Folashodun Shonubi, who said the financial regulator will work with Nigerian deposit money banks (DMBs) to disburse the forex.

 

He made this known on Tuesday in Lagos, where he said the banks will be vital in clearing the backlogs, considering the DMBs control 75 per cent of forex transactions.

The backlogs pertain to different structures within the foreign exchange market, as requests for forex cut across businesses and education and personal needs.

Breaking down the applications that will be sorted after being stalled for years due to a drop in Foreign Direct Investments (FDIs), Foreign Portfolio Investments (FPIs) inflows and international reserves, the apex bank chief mentioned manufacturers and importers of raw material inputs.

Other applicants listed are requests for dollars to pay international school fees, and medical bills abroad, as well as Business Travel Allowances (BTAs) and Personal Travel Allowances (PTAs).

 

Explaining the situation around the forex backlog, Shonubi said: “As matter of fact, there is a large amount of the obligations that the banks in Nigeria have already taken on. So, what happened was that at maturity, they actually make the foreign exchange available for those who needed to use them like importers and what have you.

“There are some customers who still have their obligations and part of the restructuring with the banks in Nigeria, is also to clear that backlog. That is something we have been discussing for a while. I expect that we will do that, within the next one or two weeks.

“What that means, therefore, is that this obligation that people keep on talking about will not be left. Today, we still intervene in the market, so it is not as if it has affected our ability to make monies available to banks in the Investors and Exporters foreign exchange market.

 

“When we look at the volumes, the Central Bank of Nigeria today contributes less than 25 per cent into the forex market. And the aim if you remember about a year and a half ago, was that the Central Bank did not want to be a regular player, but more of intervening to stabilise the rates and that is where we are going.

“There are so much more foreign exchange that people don’t talk about, that is being made available through the banking system and banks are selling to their customers. It doesn’t come to the Central Bank, it doesn’t appear as part of the demand that comes to us. And it is significant. It is almost three times what we as a Central Bank make available.”

[RipplesNigeria]

The international wing of the Murtala Muhammed Airport in Ikeja, Lagos was gutted by fire on Wednesday morning, September 6.

It was gathered that the fire outbreak occurred in some part of the baggage hall at the number one gateway airport..

Details later

[NationalDaily]