• Koko hands over new staff clinic, five other completed projects to successor

Immediate-Past Managing Director of the Nigerian Ports Authority (NPA), Mr. Mohammed Bello Koko has said the agency generated N541 billion in the first half of the year.

He said the agency also remitted N255 billion to the Consolidated Revenue Funds (CRF) within the first six months.

Koko said the performance of the agency in the first half of the year surpassed its year-on-year total revenue generation and remittances in any year, putting the cumulative revenue of the NPA between 2022 and the first half of 2024 at N1.423 trillion

According to him, his administration put in place sustainable reforms, especially a drastic improvement in the Turn-Around-Times of vessels and trucks in Apapa and TinCan ports.

He, however, said he is handing over a new staff clinic and five other completed projects to his successor for inauguration.

He confirmed that the NPA raised staff salary during his tenure, even as he pleaded with them (members of staff) to cooperate with and redouble their commitment to his successor.

The outgoing NPA MD, who dropped the hints in his valedictory remarks at the handover to his successor Dr. Abubakar Dantsoho at the agency’s headquarters in Lagos, said he felt fulfilled for improving NPA better than he met it.

He said: “We recorded an unprecedented growth in revenue generation and remittances to the Consolidated Revenue Fund (CRF) from Revenue of N381 billion in 2022 and N501 billion in 2023 to N541 billion in the first half of 2024 and remittances to CRF increasing from N93.4 billion in 2022 to N206 billion in 2023 and to N255 billion in the first half of 2024 – surpassing our year-on-year total revenue generation and remittances in any year.

“With unprecedented tax remittances to the Federal Government ranging up to N60 billion in the period of my stewardship, we raised the bar higher.

“Our hope and prayers are for the new management to continue on this trajectory and surpass it. But we were also deliberate on dialogue and driving reforms.”

He listed some of his achievements in office to including all-round port efficiency.

Koko said: “We hit the ground running with the necessary approvals to get the Lekki Deep Seaport fully operational to retake the lost transit and transshipment cargo.

“Promoted the non-oil export drive of the President by setting up ten (10) Export Processing Terminals (EPTs), mainstreaming it to the NXP and e-call up system to facilitate exports, and the result is evident in the attainment of a foreign trade surplus, as highlighted in the NBS report for Q1 2024.

“Upgraded data center, servers, storage, and business continuity; established a data recovery and protection unit with an up-to-date data protection audit certification.

“Digitised staff attendance for accountability and improved productivity; ensured the sustainability and free flow of cargo by clearing the decade-long traffic gridlock menacing the Apapa and Tincan Island port complexes, and its environs.

“Provided aids to navigation such as buoys, fenders, and bollards across all the ports, and also enhanced seaside operations by providing marine crafts, pilot cutters, tugboats, mooring boats, etc to improve port efficiency.

“These led to a reduction in both vessel and truck turn-around times. The vessel TAT went down from an average of 6.5 days to an average of 5 days, while truck TAT went from an average of 10 days to a few hours.”

Koko also said he was happy to have attained 100 per cent Ease-of-Doing-Business rating by the Presidential Enabling Business Environment Council (PEBEC).

He said: “We also restored service boat management  contract with attendant boost in revenue;

“Concluded the consultancy for the deployment of a Vessel Tracking System in conjunction with NLNG Shipping;

“Secured FEC approval for the expansion of the Snake Island Port and a willing private investment to the tune of $300m on this project;

“Secured FEC approvals for the development of new ports such as ports of Ondo, Badagry, Burutu, and Snake Island expansion project, amongst other proposals that have reached advanced stages of review and approval;

“Consultancy for the development of the 25-Year National Ports Masterplan to guide investment and port expansion plans;

“Attained a 100% ease-of-doing-business rating by the Presidential Enabling Business Environment Council (PEBEC), despite having the most number of reforms;

“In addition to the aforementioned, we were also able to conclude with the FMMBE/BPP on the deployment of the Port Community System (awaiting a few processes before seeking FEC approval), and its corollary, the National Single Window, as well as propel the subject matter of port modernization to conclusive stages with the signing of the mandate letters for the reconstruction of TinCan Island and the comprehensive rehabilitation of Apapa, Rivers, Onne, Warri, and Calabar Port complexes, respectively.”

On the six projects being handed over to his successor for inauguration, Koko said: “We have also completed some key projects that are ready for commissioning. These projects are crucial to staff development and improved efficiency.

“Some of them include; the Staff Clinic at Lagos Port Complex; inter-agency building at TinCan Island Port to accommodate agencies in the port in one place to enhance operational efficiency; security mobile scanners at the Lagos Port Complex; administrative buildings of the Tincan, Warri, and Rivers Ports; Maritime Workers Union of Nigeria’s Headquarters; upgraded Revenue Invoicing Management System (RIMS 2.0); and employees e-medical records management”.

“Let me begin by appreciating all of you for the life-applicable experience of the last eight years of my sojourn in the NPA.

“Looking back, I would like to summarize this tremendous phase of my life as a learning curve and an abiding history or experience.

“As I bow out today, I feel fulfilled for two reasons. Firstly, by working with all of you here, we have repositioned the authority for greater operational efficiency and unprecedented revenue generation and remittance to the Consolidated Revenue Fund (CRF) of the Federal Republic of Nigeria.

“Secondly, my sense of fulfillment derives from the fact that we have achieved a lot and have made the Authority far better than we met it, and now handing over to a management team of distinguished professionals with the requisite character, competence, and capacity to sustain and indeed surpass the current performance trajectory.

“As many of us are aware, the Authority under the management team I was privileged to lead was able to position the Authority for improved efficiency, revenue generation, accountability, and adherence to international best practices in port management and operations.”

He thanked President Bola Ahmed Tinubu and former President Muhammadu Buhari for “the incredible opportunity to serve as the MD of the NPA”.

Unveiling his plans for port rehabilitation and modernization, Dantsoho said that priority will be given to total automation of NPA processes and adequate staff welfare.

He said: “We will continue the digital transformation of the Authority and reinforce the current efforts at deploying the Port Community System (PCS) which we believe is key to our dream of total automation of our processes, thereby eliminating leakages and corruption.

“The current efforts towards infrastructural renewal and development will be enhanced. In particular, we will drive: Port Rehabilitation and Modernization

“We will pay attention to the logistics that surround the arrival of cargoes along the port corridor, their receipt at the terminals and loading onboard ships in the most efficient way and also cargo evacuation from our ports.

He listed other targets as follows:

* Deep sea Ports Development, in order to unlock the full potential of the economy;

 * Promotion of transparency, accountability and Ease of doing business in our ports;

   *We shall enhance collaboration and communication between sister agencies and promote stakeholder engagement.”

[TheNation]

A former Minister of Education, Oby Ezekwesili, has called for an independent audit of why the Nigerian National Petroleum Company Limited capped its investment in the Dangote Petroleum Refinery at 7.2 per cent instead of the planned 20 per cent.

This was as the Group Chief Executive Officer of the NNPC, Mele Kyari, denied owning a blending plant outside Nigeria on Tuesday.

The comments were coming amid the controversies surrounding the Dangote refinery.

Ezekwesili said she had earlier decided not to speak on the Dangote refinery-NNPC saga while reacting to the matter through her official X handle.

 “However, as more and more information filtered out from both parties, we can reasonably conclude that something seriously murky has gone on and needs to be fully unravelled for public accountability. And urgently, too,” she stated.

The former minister added, “How can a project that by all definition attained the stature of a ‘national interest project’ be marred in this depth of embarrassing controversy that is playing out in the full glare of the local and international investing community?

“Did the Nigerian government not tell us it borrowed $3.3bn from Afriexim-Bank to take a stake in the Dangote refinery?”

Ezekwesili recalled that during former President Olusegun Obasanjo’s administration, she used to tell the NNPC that it could not continue to run as a federation on its own.

“When we were in government, I often told the NNPC leadership that they cannot carry on as though there is a ‘Federal Republic of the NNPC’ just because they think of themselves as ‘the goose that lays the golden egg’.

“The opacity of the NNPC was the reason we took great delight in designing the multi-stakeholders Nigeria Extractive Industries Transparency International in those early 2000s that I pioneered as Chairperson.

“We went above global minimum voluntary standards of transparency requirements by entrenching ours in an Act that established NEITI as the transparency regulator of the oil and minerals sector,” she explained.

She called on President Bola Tinubu “to immediately use the instrumentality of NEITI to launch an independent audit of the Dangote refinery-NNPC transaction to offer the public the true state of play.”

The PUNCH recalls that the President of Dangote Group, Alhaji Aliko Dangote, recently revealed that NNPC’s investment in his refinery was 7.2 per cent and not 20 per cent, as speculated.

“The agreement was actually 20 per cent which we had with NNPC, and they did not pay the balance of the money up till last year; then we gave them another extension up till June (2024), and they said that they would remain where they have already paid, which is 7.2 per cent. So NNPC owns only 7.2 per cent, not 20 per cent.” Dangote stated.

NNPC confirmed this, saying it decided not to invest further in the refinery.

Kyari denies plant

Meanwhile, the NNPC’s boss said on Tuesday that he does not own a blending plant outside Nigeria, reacting to claims by Dangote that some officials of the national oil company own blending plants in Malta.

Amid the crisis surrounding his $20bn refinery, Dangote had said, “Some of the terminals, some of the NNPC people, and some traders have opened blending plants somewhere off Malta. We all know these areas. We know what they are doing.”

Reacting to this in a post on his X handle, Kyari said he had been inundated with calls from family members and friends, asking if he truly owns a blending plant in Malta.

The NNPC helmsman said he does not own or operate any business directly or by proxy anywhere in the world, except for a local mini-agric venture.

He also said he is not aware of any employee of the NNPC that owns or operates a blending plant in Malta or anywhere else in the world.

“I am inundated by enquiries from family members, friends, and associates on the public declaration by the President of Dangote Group that some NNPC workers have established a blending plant in Malta, thereby impeding procurements from local production of petroleum products.

“To clarify the allegations regarding the blending plant, I do not own or operate any business directly or by proxy anywhere in the world except for a local mini-agric venture, neither am I aware of any employee of the NNPC that owns or operates a blending plant in Malta or anywhere else in the world.

“A blending plant in Malta or any part of the world does not influence NNPC’s business operations and strategic actions.”

The NNPC boss threatened to sanction any official of the company involved in such acts if they truly existed.

“For further assurance, our compliance sanction grid shall apply to any NNPC employee who is established to be involved in doing so if availed, and I strongly recommend that such individuals be declared public and be made known to relevant government security agencies for necessary actions because of the grave implications for national energy security,” he stated.

Dangote has been speaking up following allegations by the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, that the diesel produced by the Dangote refinery had higher sulphur content than imported ones, a claim Dangote described as an attempt to demarket his refinery.

Ahmed had also said the country would continue to import fuel to stop the Dangote monopoly.

[Punch]

 President Bola Tinubu has pleaded with aggrieved Nigerians, especially youths planning a national protest over the high cost of living to shelve the action, saying there is no need for it.

The President also assured those behind the planned protest that he has heard their grievances and is working seriously to ensure that all their concerns are addressed.

Minister of Information and National Orientation, Mohammed Idris, conveyed the President’s plea while speaking with State House correspondents after he met with Tinubu at the Presidential Villa, Abuja.

The President’s assurance came as the face-off between Special Adviser to the President on Information and Strategy, Mr Bayou Onanuga; and the 2023 presidential candidate of the Labour Party, LP, Mr. Peter Obi, took a new twist, yesterday.

Obi’s lawyers, yesterday, wrote Onanuga, demanding N5 billion and an apology within 72 hours for accusing him and his supporters of high treason in allegedly being masterminds of the planned “EndBadGovernance protest.”

In like manner, former presidential aspirant and a chieftain of the LP, Professor Pat Utomi, challenged Onanuga to produce evidence of his involvement in the planned protest or face N500 billion litigation.

Tinubu’s assurance

The minister said that at the meeting with the President, general issues on the country were discussed and that the President said he is working assiduously to ensure the country’s economy is placed in a good position.

His words: ‘’We discussed the issue of the country in general and Mr President has asked me to again inform Nigerians that he listens to them, especially the young people that are trying to protest.

“Mr President said he listens to them and takes what they say seriously and he is working assiduously to ensure that this country is good not just for today, but also for the future.

“The issue of the planned protest, Mr President does not see any need for that, he asked them to shelve that plan and he has asked them to await the government’s response to all their pleas, he has listened to them.’’

Obi’s lawyers write Onanuga demand N5bn, apology

However, former Anambra State Governor, Mr. Peter Obi, has given Mr. Onanuga, 72 hours within which to pay N5billion as damages as well a public apology published in four national newspapers for defamation and libel or face legal action.

Obi demanded that Mr. Onanuga, retract his wild allegation linking him to the planned mass protest scheduled for August.

Recall that the Presidential spokesman had on July 20, 2024, claimed in his X handle @aonanuga1956 that: “ Peter Obi’s supporters are the people planning mayhem in Nigeria and that Obi should be held responsible for anarchy.”

Onanuga’s post was tagged, “Revealed: Peter Obi’s supporters are the people planning mayhem in Nigeria. Obi should be held responsible for anarchy.”

He claimed that individuals who hijacked the 2020 ENDSARS protests are behind the EndBadGovernance and Tinubu Must Go protest. He described the masterminds as anarchists and bad losers who cannot wait for for the 2027 elections but instead were seeking to destabilise Nigeria through a civilian coup, and asked that Obi be held responsible if the protest turned into anarchy.

Onanuga warned that the protesters’ call for revolution and ending an elected government amounted to high treason and called on security agencies to take action against those threatening Nigeria’s stability.

The post read in part: “Obi should be held responsible for anarchy. Don’t be fooled: the malcontents planning to stage nationwide protests are supporters of Peter Obi, the failed presidential candidate of the Labour Party. And he should be held responsible for whatever crisis emanates from the action.

“The protest planners are also the same people who were instigated by IPOB leader Nnamdi Kanu to launch the destructive #EndSARS protest in Nigeria in October 2020.

“#EndSARS began as a genuine protest by youths against the Police Special Anti-Robbery Squad, notorious for its high-handedness.

“IPOB members planning to extricate the South East region from Nigeria infiltrated the protest and hijacked it for their agenda.

“Lagos still bears the scars of the malicious destruction by IPOB elements until today. Two years after #EndSARS, the IPOB and gullible innocents joined the Labour Party in 2022 to support Peter Obi, a sympathiser of their cause. They are the people spreading the hashtags ‘EndBadGovernance’, ‘Tinubu Must Go,’ and ‘Revolution2024.’

“They are not democrats but anarchists. They are attempting to call out our people via propaganda because their Messiah, Peter Obi, failed to win the Presidency in the 2023 election.

“As bad losers, they don’t have the patience to wait for another election in 2027; they would rather destabilise Nigeria by staging a civilian coup against President Bola Ahmed Tinubu.

“If they understand the meaning of their hashtags, they will realise they are clarion calls for treason. Wanting to end an elected government is high treason.

“Wanting revolution is a call for a coup d’etat, which is also high treason. I have been on the trail of one of the protest planners, who is nameless but claims to have an internet radio station, PTM100.88 Abuja.”

The post elicited immediate response from the Labour Party and Obi’s Media office. While LP denied involvement saying the party, its supporters and Obi were not planning any protest, Obi’s Media Office, said the Presidency’s allegation was a ploy to arrest Obi.

Legal action

Going further, yesterday, Obi, writing through his counsel, Chief Alex Ejesieme, SAN of the Madiba Chambers, said that the allegation which was widely published in social and mainstream media and read by many within and outside the country, maligned his hard-earned reputation as a man, who indulges in violence when all his antecedents are vivid that he abhors violence even in the face of extreme provocation.

The legal counsel wrote: “It’s our client’s conviction that the publication was a calculated plot to demean, ridicule, humiliate and embarrass him by the estimation of every right-thinking member of the society.”

The letter further stated that the allegation may have achieved its insipid motive as well-wishers from all around the globe have inundated Obi to register their shock.

“His appellation as ‘Okwute’ (the Rock) notwithstanding, the demeaning and scandalous publication has also caused a serious emotional injury to our client, given his decades of stellar stewardship in private and public life.

“Consequently, we have our client’s mandate to demand that you retract the statement made in the publication and tender an unreserved apology to him within 72 hours of the receipt of this letter in not less than four national Dailies to wit: Vanguard, THISDAY, Punch and The Cable, including your verified X”@aonanuga1956.

“Our client is also making an unequivocal demand for the monetary damage of N5b for the embarrassment your defamatory publication has caused him and his family.”

The letter further read: “In the event of your failure to meet the demands set out above, our client shall be constrained to approach a court of competent jurisdiction and take legal action against you for defamation and libel.”

Utomi vows to sue Onanuga for N500bn if…

Also, renowned political economist, Prof. Pat Utomi, who denied involvement in the planned protest, vowed to sue Onanuga.

Reacting in a statement he personally signed, Utomi advised Onanuga to withdraw his statement or provide evidence of his claims.

He warned that he would sue Onanuga and claim N500bn if he failed to provide sophisticated evidence.

“If no evidence of Mr. Onanuga’s false assertion is shown I will assume it reasonable that the object is to water the ground for false treasonable felony charges that can result in the claim of one’s life. I intend to therefore proceed to the international criminal and other human rights courts if a reasonable explanation is not forthcoming.

“I will also have no choice but to institute a claim of N500 Billon for fake news, hate speech and intent to procure state murder of an innocent citizen. If judicial capture makes justice problematic in Nigeria I expect that I can trust extra-national institutions and global human solidarity.”

Onanuga’s evil incitement against Obi will fail —MASSOB

Meanwhile, the Movement for the Actualisation of the Sovereign State of Biafra, MASSOB, has frowned at Onanuga’s attack on Obi, saying that the incitement against Obi would come to nought.

The group advised Onanuga and the Federal Government to leave Obi alone and focus on how to save Nigerians who are starving to death.

“The heavy and massive incoming protest against hunger, high cost of living, government high corruption, impunity and government insensitivity against the welfare of the citizens is not planned or orchestrated by Mr. Peter Obi or his nationwide supporters.

“The Federal Government of Nigeria led Bola Tinubu knows that the protests are neither motivated nor influenced by Mr. Peter Obi but the Northern oligarchic leaders which includes some powerful Northern political, religious, opinion and traditional leaders.

“Mr Bayo Onanuga and Omokri are two leading internal and external figures waging wars of character assassination, blackmail and incitement against Mr. Peter Obi,” MASSOB said in a statement by its leader, Comrade Uchenna Madu.

Allegation against Obi, reckless —SERG

Also reacting, the South-East Revival Group, SERG, condemner Onanuga’s allegation against Obi.

In a statement by its National Secretary, Hon. Agu Chineme, the SERG said “this shameful position by a government that has chosen to spread falsehoods and lies about Peter Obi instead of finding ways to help hungry and suffering masses of Nigeria who are struggling to find their next meal amid insecurity, unemployment, and lack of access to adequate healthcare across the country is unacceptable.”

The frontline South-East socio-political pressure group urged the Federal Government not to politicize hunger and deprivation in the land.

It warned that “President Tinubu’s handlers could plunge the country into chaos with their reckless propaganda and desperation to continue the now nine years of blame games” of successive All Progressives Congress, APC administrations.

[Vanguard]

Michael Aondoakaa, former attorney-general of the federation (AGF) and minister of justice, has agreed to testify against Nigeria in the ongoing arbitration at the International Chamber of Commerce (ICC), Paris, France, TheCable understands.

Sunrise Power, a company promoted by Leno Adesanya, had, on October 10, 2017, started arbitration against Nigeria at the ICC seeking a $2.354 billion award for “breach of contract” in relation to a 2003 agreement to construct the 3,050MW plant in Mambilla, Taraba state, on a “build, operate and transfer” (BOT) basis.

The Nigerian government has maintained that Olu Agunloye, then minister of power, acted outside of his powers when he awarded his contract.

Nigeria is also alleging fraud and corruption in the award and in the subsequent settlement agreements reached in an attempt to settle the dispute.

Agunloye is currently on trial in Nigeria for his alleged role in the contract saga. He denies all allegations.

AONDOAKAA VS NIGERIA

Now, Aondoakaa, a senior lawyer who was AGF from July 2007 to February 2010, has been enlisted by Sunrise to argue that the contract was valid — in order to boost the company’s chances of winning in arbitration.

Aondoakaa was a member of the Federal Executive Council (FEC) under President Umaru Musa Yar’Adua when the ill-fated gas processing agreement was signed with P&ID, leading to and arbitration fine of over $11 billion fine on Nigeria which was eventually quashed in a British court.

An Aondoakaa associate told TheCable that the former minister of justice is working closely with Adesanya’s legal team in the arbitration and Nigerian matters.

Sunrise is hoping to use his testimony to counter that of the government officials, including some ministers in President Buhari’s cabinet who are testifying in favour of Nigeria.

Meanwhile, Adesanya has also filed a human rights case against the Economic and Financial Crimes Commission (EFCC) after he and Agunloye were charged to court.

Adesanya is being represented by Mohammed Seidu Diri, a senior lawyer who served as special assistant to Aondoakaa when he was AGF. Diri was also a director of public prosecution (DPP) at the federal ministry of justice.

A similar case filed by Agunloye against the government of Nigeria has since been dismissed.

DENIED BY TWO FORMER PRESIDENTS

Two former presidents have denied the validity of the contract and settlement agreements.

In an interview with TheCable, former President Olusegun Obasanjo challenged Agunloye to tell Nigerians where he derived the authority to award a $6 billion contract to Sunrise from.

“When I was president, no minister had the power to approve more than N25 million without express presidential consent. It was impossible for Agunloye to commit my government to a $6 billion project without my permission and I did not give him any permission,” Obasanjo told TheCable.

Agunloye later issued a statement insisting that he had Obasanjo’s approval — although it turned out it was a letter of comfort his principal approved to be issued to Sunrise and not a go-ahead to award the contract.

Buhari also denied authorising the settlement entered into with Sunrise by Abubakar Malami, his AGF.

“While I understood that my ministers of justice, power and water resources were approached by Sunrise and were engaging with various stakeholders that were involved in the project to resolve the issues blocking the project’s implementation, at no time did I specifically instruct them to enter into and conclude any settlement agreement with Sunrise Power and Transmission Company Limited,” Buhari wrote in a letter to Lafeef Fagbemi, the current AGF, in February this year.

“Indeed, when the proposed settlement agreement and addendum were presented to me for my consideration and approval on 20th April 2020, I refused to approve the settlement deal because I was convinced that there was no basis for Sunrise’s claim.”

Malami has yet to dispute Buhari’s claim.

Aliko Dangote deserves our collective support and official encouragement. I told him the day I visited his plant that he’s “an authentic African hero and a real icon”, and I meant that from the bottom of my heart. As an investor and businessman, he’s succeeded where our government has failed. He has built a huge business empire consisting of manufacturing, oil and gas, agriculture, fertiliser and petrochemicals and will earn more than Nigeria next year. For the 2025 FY, the Dangote Group is expecting to gross a total revenue of $30 billion, with the refinery contributing $19.5b; fertiliser, $2.5b; oil and gas, $1.5b and cement $6b.

Nigeria is projected to earn about $22 billion revenue from crude oil exports next year (Given the huge oil theft from the Niger Delta, the bulk of Nigeria’s oil production is currently coming from the deep-water terrains which are operating under the PSC fiscal regime. Therefore, with the projected 1.4mbpd, average crude oil price of $70 and a sharing ratio of 55% to Nigeria and 45% to the operators, the expected $22 billion revenue is inadequate for a country of over 200 million people. Nigeria is indeed a poor country).

The $30 billion inflow next year to DIL will undoubtedly have salutary impacts on our exchange rate. Is this why some people are bitter against the man? He has repeatedly stated that the oil mafia is more powerful and dangerous than the drug cartel. The Tinubu administration should therefore save the refinery from the mafia and protect it as a national asset.

Every educated adult Nigerian knows that our country is run on the basis of ethnicity, religion and partisan politics and is governed largely by incompetent fellows who are obsessed with pursuing self-interest. No matter how well-meaning a government official appears, he’s driven by an innate urge to promote his personal interests above the good of the people.

The relentless pursuit of self-interest and the absence of love for the country is at the root of our national problems. The recent statement credited to the chief executive of Nigerian Midstream and Downstream Regulatory Authority (NMDRA), Engr. Farouk Ahmed, typifies a good example of how personal interest trumps national development.

He spoke to the press recently and stated, to the shock of the nation, that Nigeria should never discontinue the importation of refined petroleum products even if the Dangote refinery has the capacity to satisfy domestic consumption because reliance on the refinery is “a threat to energy security”. Farouk also alleged that the diesel produced from the refinery is below standard in terms of sulphur content.

It is apposite that Dangote himself has categorically denied Ahmed’s allegations of producing substandard products and has assured that the sulphur content of his diesel has been falling steadily to meet the country’s requirements. The business guru went further to provide evidence that NMDRA had earlier certified its laboratories that have consistently tested his products.

There is no doubt that Engr Ahmed is driven by self-interest in audaciously pushing for continued importation of products, rather than supporting domestic production. A lot of NNPC and regulatory officials are making quick bucks from the importation of petroleum products and they do not want to let go. They’ve grown too rich in the corrupt and opaque oil importation and oil swap business; so much so that they don’t even want government-owned refineries to work.

They profit from endless turnaround maintenance programmes that produce no results, yet those comatose refineries have the full complement of workers receiving salaries and other emoluments year after year. Farouk is not bothered that the country has lost billions by exporting crude oil and continuously importing refined products. All that matters to these people is their bank accounts.

A regulatory authority that talks down on domestic producers and denigrates in-country production efforts in preference for continued importation is either incompetent or corrupt, or both. No matter how wobbly domestic producers are; or irrespective of the nascency of the level of domestic production, a regulator’s main objective should be to offer guidance, an enabling environment, incentives and encouragement to help the operators succeed.

That’s how Taiwan moved from being a producer of inferior goods to becoming a major producer of chips and semiconductors; Bangladesh moved from being the poverty capital of the world in the 1980s to being a major producer and exporter of clothing, even though the country has no single cotton field. Vietnam moved from being a producer of tennis shoes to becoming a major producer of computer chips. The chaebols of South Korea grew due to government’s support. I don’t even want to mention China!

Strong regulators help in growing the economy. The Central Bank of Nigeria, for example, will never get to the press and announce names of weak banks in the country, and threaten to close them down or invite foreign banks to take over. It is also the reason NAFDAC, SEC, NCAA or any other regulators do not make silly statements in the media, lampooning the operators in their industry. A good regulator works with the operators to meet minimum standards. They don’t create panic and embarrassment.

The national outrage that trailed Farouk Ahmed’s statements is a measure of how resentful Nigerians are of endless fuel importation, the endemic corruption in and around the NNPC, its subsidiaries and industry regulators. Their inability to revive our moribund state-owned refineries has made Nigeria the laughingstock of the world and the butt of all jokes at drinking pubs. I call on President Tinubu to sack Engr. Ahmed right away and save the country from his embarrassing indolence.

The Abuja Electricity Distribution Company (AEDC) has officially signed a Memorandum of Understanding (MOU) with Transafam Power yesterday, to implement a groundbreaking 50MW embedded power generation project for the Idu commercial hub in Abuja.

The MOU was executed by AEDC MD/CEO, Engr. Chijioke Okwuokenye, and MD/CEO, Transafam Power Limited, Engr. Vincent Ozoude, during the Summit on Accelerated Scale-Up of Renewable and Distributed Energy Resources in Nigeria, hosted by the Nigerian Electricity Regulatory Commission (NERC).

With this, AEDC will fulfill 82% of NERC’s requirements for embedded power generation, ensuring a reliable and consistent power supply for the Idu Cluster. It marks a pivotal advancement in AEDC’s transformation agenda, allowing the company to generate its own electricity and reduce reliance on the national grid. By diversifying its energy sources, AEDC is committed to providing stable and dependable electricity for all stakeholders involved.

In addition, the partnership enables Transafam, a leading power generating company and subsidiary of Nigeria’s largest listed conglomerate, Transcorp Group, to diversify its mode of generation providing on-grid and embedded generation to optimise its current generating capacity and serve a wider cluster.

Electricity is a critical sector in urgent need of transformation. This partnership represents a significant stride towards delivering reliable and sustainable power to Nigerians, enhancing the overall power landscape in Nigeria, and fostering growth and economic prosperity for all—a demonstration of Africapitalism.

Your deliverance shall be sudden, swift, dramatic and unprecedented. Your enemies will be shocked by how God will perfect and actualize your freedom. The chains and shackles are being broken now. The slavery is over! Their grip over you is being weakened. Are you not seeing it? God will shock them. They are in for a great surprise. By the time they wake up, you and your people are gone. Gone forever. Gone for good. These uncircumcised Egyptians will not keep you. Yes, they will not keep Israel forever. They hate you because you bear the mark of God. They hate you because God has blessed you. They hate you because you are industrious and progressive. They despise you because you are independent, godly, glorious, resilient and unstoppable. They hate your guts and feel they cannot compete with you. They are afraid that with such guts and grace you will overtake and rule over them. That was exactly the problem Israelites had with the Egyptians. Envy! They hate you because you serve the God of Israel and because you have a great destiny. They know that the hand of God is upon you and you are the chosen people. Yes, they know it and that is why they have ganged up to mistreat, subdue, intimidate and keep you in perpetual bondage. But God is saying today that their gathering will surely come to nothing. Yes, they have gathered, but it will be fruitless. It will be in vain. God is laughing at them. They will be shocked to their marrow soon. Listen, God said that with a strong hand he will bring his children from the Egyptian bondage. And it is not just bring you out, you will leave with great wealth – silver and gold. That is his word!

  When God told Pharaoh to let his people go he refused. He kept playing games, playing god and defying the divine instructions. In fact, at a time he even had the audacity to query the existence and the authority of the Almighty. I believe that there is something that comes upon rulers that makes them arrogant and selfish even when they know they are self-destructing. Just listen to him, “Who is that your God that I will let Israel go? I do not know him and I will not let the people go!” My God! Did you hear that? Pride and arrogance! When these sons of devil occupy earthy positions or possessions, it gets into their head that they immediately forget that there is a creator of heavens and earth, the beginning and the end, the alpha and the omega, the glory of Israel, the I am that I am, the God of the Hebrews, the Almighty God, the everlasting father, the throne of no disappointment, he that owns life and death. Now, does this resemble what you and your people are going through today? God will also deflate that over-bloating ego of this Pharaoh. Yes, it will happen sooner than you think. And it will come in a very humbling and humiliating manner. We have seen it before and it will happen again. Listen to what he is saying, “But I know that the king of Egypt will not let you go except under heavy pressure. So I will reach out and strike at the heart of Egypt with all kinds of miracles. Then at last he will let you go.” And further, “Now you will see what I will do to Pharaoh,” the Lord told Moses. “When he feels my powerful hand upon him, he will let the people go. In fact, he will be so anxious to get rid of them that he will force them to leave his land.” Exodus 3:19-20, 6:1.

  Did you read that? Under pressure this uncircumcised, wicked, heartless, despotic ruler will beg you to go. Yes, God said that he will mount heavy pressure on this particular Satanic unrepentant, doomed Pharaoh, this enemy and he will also crumble like his demonic predecessors. Divine pressure! It can come from any angle and in any form. Nobody, no group, no devils, no gang up can enslave the people of God. Nobody can destroy divine plans and purposes. You will be kicking against the stone. If those before him failed, he will also fail.  If those before them were disgraced, these will also go in shame. And if those before them perished these will also perish. The wicked will not go unpunished. But he still has options now. He can repent and avert the impeding divine judgment and pressure. Or he can allow the Israelites to move out of Egypt peacefully.  When Pharaoh insisted that the Israelites must languish under his biting wickedness and bondage, God inflicted his land with plagues - economic, health, environmental, social and spiritual crises. And when that was not enough God perished the boastful and arrogant king, all his commanders and advisers in the Red Sea. The Navy will call it burry at sea. It is a military practice. All those acting as Pharaohs, as gods now to you and to your people are coming under heavy divine pressure! The word of God said that the Egyptians [including these ones presently harassing you] are not God, but men. Share this message with others. God bless!

Rev Gabriel Agbo is the author of the books / audiobooks: Power of Midnight Prayer, Receive Your Healing, Breaking Generational Curses: Claiming Your Freedom, Never Again!, I Shall Not Die, Move Forward, Power of Sacrifice and many

Fifty-eight of the 164 member states of the World Trade Organisation (WTO) members have voiced support for a proposal from the African Group backing incumbent Director General, Ngozi Okonjo-Iweala, to serve a second term.

The 58 member countries of the trade association made this known at a July 22 meeting of the WTO General Council, according to a statement by the world trade body.

“The African Group requests that the current Director-General make herself available to serve a second term, and has proposed that the process of reappointing the Director-General should be started as soon as possible,” the statement partly read.

“Fifty-eight members, several speaking on behalf of groups of members, took the floor to comment and express their support for the African Group proposal. They called on DG Okonjo-Iweala to make her intentions regarding a second term known as soon as possible. Most of these members praised the DG’s hard work and her achievements during her first term.

Okonjo-Iweala, 70, said she was very grateful for the support from members. “Everything that I’ve accomplished, we’ve accomplished together,” she said.

The director general said that she took the call of members very seriously and was favourably inclined. She said she would get back to members very soon regarding her intentions.

Okonjo-Iweala, the seventh WTO boss, took office on March 1, 2021 for a single term of four years which will expire on August 31, 2025. She is eligible for a second term.

The former Nigerian Finance Minister navigated stiff opposition to become the first woman and the first African to serve as WTO Director-General. Before her current appointment, she twice served as Nigeria’s Finance Minister from 2003 to 2006 and from 2011 to 2015. She also briefly acted as Foreign Minister in 2006, the first woman to hold both positions.

The skilled negotiator had a 25-year career at the World Bank as a development economist, rising to the number two position of Managing Director, Operations.

[Channels TV]

Dr. Olisa Agbakoba has explained how the federal government’s proposed 50% windfall tax will negatively impact bank operations and its customers in Nigeria.

Dr. Agbakoba is the Senior Partner and Head of the Alternative Dispute Resolution (ADR) and Arbitration practice group at Olisa Agbakoba Legal (OAL), with expertise in Maritime and Blue Economy Law, Space Law, Environmental, Social and Governance (ESG) Law, Environmental Justice Law, Human Rights Law, among many others.

In an exclusive interview with Nairametrics, Agbakoba sheds light on how the proposed amendment to the Finance Act is ill-thought-out.

What’s your take on the federal government’s plan to tax banks 50% of profits realized from foreign exchange revaluation in 2023 through the proposed amended Finance Act?

So, I completely understand why the government is passing financial legislation because the government really needs revenue to drive its development agenda and to meet all the various expenses that it faces.

But I think the government ought to also understand that there are parameters that are very important to employ to gain not only the confidence of Nigerians but particularly the financial community.

The financial community is a lifeline and the oxygen of the Nigerian economy, and to create a policy that will be contrary to the interests of the financial community might be very precarious and could even backfire.

So, in that context, I would say that the proposed amendment to the Finance Act is completely ill-thought-out legislation.

There are different types of legislation. This particular legislation is known as penal legislation. You will observe that Section 33 of the intended amendment criminalizes failure to comply.

In Guardian Motors vs. the Attorney-General of the Federation, pursuant to a decree made by General Babangida, the Supreme Court laid out the principles under which legislation can be properly made.

I think this is one legislation that is beyond the scope of the National Assembly to enact. The National Assembly has no power to enact legislation that imposes penal sanctions on commercial transactions.

What does this proposed Finance Act imply for customers of Nigerian banks?

The first thing that will happen is that customers will bear the burden of the so-called windfall legislation.

Again, windfall legislation is generally seen as unacceptable to the commercial community. Even in the UK, where there was a proposal to pass windfall legislation in respect of oil profits that Shell and other oil companies were said to be making, there was an uproar.

When you pass windfall legislation taking 50% of somebody else’s earnings, that person will immediately transfer it to those closest to them.

It is obvious that those closest are Nigerians whose money is actually deposited.

So, the issue here is the realized profits. The law states that realized profits will be liable to windfall tax.

If banks make realized profits on accounts, they are likely to find ways to recover the windfall tax because the magnitude proposed by the federal government, 50%, is so huge that they will seek ways to recover it.

There’s no question about that.

If the purpose is to create wealth that the government can use to fund its services, there’s a likelihood that it could lead to inflation. It could be inflationary. It could exacerbate the very problem that the government thinks it is solving.

So, I would honestly urge the government to do two things: first, withdraw the legislation and consider other easier ways to generate revenue. I’ve discussed this several times.

The government can easily generate a lot of revenue without this unnecessary difficulty. One area where the government can generate revenue is the oil and gas sector. A lot of revenue can be generated simply by taking control of the country’s oil and gas resources.

I hope you are aware that Nigeria’s oil and gas resources have been handed over to the International Oil Companies (IOCs). Even Aliko Dangote is complaining.

Dangote is unable, despite having the world’s largest refinery in Lagos, to obtain crude because it is not in the interest of the IOCs to allow him access to crude.

The IOCs prefer the situation where they export crude and we import refined products. Therefore, it is not in their interest to change that. If the government were to stop this and address all the leakages in the oil and gas sector, they would make more money than what the so-called windfall legislation would bring.

And there are several other ways that the government can generate revenue in the maritime industry.

I have said time and again that a proactive government that understands how to generate revenue for Nigeria can easily generate N100 trillion.

So what is the purpose of this? It is ill-thought-out and I would urge them to really consider the negative impact it would have on the Nigerian economy.

The presidency believes the proposed windfall tax will help his government bring more infrastructural development to Nigeria. What do you think?

How? There are no details. They’re just saying it. How? That’s the question. The question I would ask is how? I mean, in principle, tax legislation will bring money into the government’s coffers, but you have to carefully examine the nature of the tax legislation.

Firstly, I’ve told you that windfall taxes tend to be viewed negatively by those on whom they are imposed. So when you impose a windfall tax on someone, they look for ways to pass it on to someone else. That’s number one. So, banks are likely to pass on the windfall tax, of 50% of their profits, to us as consumers. That’s one issue.

Secondly, assuming the windfall tax brings in N10 trillion, for example, there is nothing to suggest that because you have extra income, you will not have extra expenses higher interest rates or increased inflation.

So it’s not enough for the government to say, “We’re going to get more money from this.” If you get more money but the price of rice doubles, does that make sense?

So, I’m not sure how well thought out this legislation has been. Is it really going to be progressive legislation that benefits Nigerians in all aspects? Or is it just a case of the government saying, “We’re going to get money”? It’s not enough to say, “I’m going to get money.”

You have to look at the impact of that money. Is it going to be beneficial? In my view, this law won’t be beneficial because it will have all kinds of implications and it will probably be challenged on the grounds of unconstitutionality anyway.
[Nairametrics]

President Bola Tinubu, on Tuesday, forwarded the Police Act Amendment Bill to the House of Representatives, seeking to amend the tenure of the Inspector General of Police (IGP).

The proposed amendment addresses the contentious issue surrounding the retirement age and tenure of the IGP.

The current IGP, Kayode Egbetokun, appointed in June 2023 for a four-year term, is at the centre of this legislative adjustment.

Earlier in July, the Nigeria Police Force had refuted claims that IGP Egbetokun attempted to lobby the National Assembly for a bill to extend the retirement age of officers.

According to Section 18(8) of the Police Act 2020, Egbetokun, born on September 4, 1964, is mandated to retire in September 2024 when he turns 60, which would cut short his tenure to just one year and three months out of the four-year term.

This issue isn’t new and has also surrounded Egbetokun’s predecessor, Usman Baba, who continued in office beyond his retirement age.

Baba reached the mandatory retirement age of 60 in March 2023 but remained IGP until his replacement by Egbetokun.

The bill, if passed, is expected to provide clarity and stability in the leadership of the Nigerian police force, ensuring that the IGP can serve the full term as appointed without abrupt retirement due to age constraints.

[NaijaNews]