Tuesday, November 19, 2024
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FCTA Pulls Down Shanties, Roadside Shops In Karu

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To rid the Federal Capital Territory (FCT) of nefarious acts especially those impeding on traffic free flow, the FCT Administration has removed shanties and roadside shops in Karu Market and it’s environs.

The FCTA officials fully armed by security operatives, in a joint clean up exercise stormed the area with two bulldozers, and demolished makeshift structures built with woods and roofing sheets within and around the perimeter fencing of the market.

They also dismantle several umbrellas and attachments to the shops inside the market, and set ablaze rubbles from the demolished shanties.

Recall that the officials of FCT Administration had carried out markings of illegal structures around the market, located in Karu, a major satellite town sitting on major road corridors, connecting the city centre to Old Karu, Orozo and up to Karshi satellite towns of the Territory.

Newsfocusng observed that some affected traders had carried out partial dismantling and removal of their wares to avoid loss.

Explaining the rationale behind the exercise, the Senior Special Assistant on Monitoring, Inspection and Enforcement to FCT Minister, Comrade Ikharo Attah, who led the team, said the removal of shanties and roadside trading within and around the market, so as to free vehicular and human traffic in the area.

Attah, described the situation as very worrisome and disturbing, given the nightmarish experience motorists face daily, to pass through the Karu Market stretch of the Nyanya-Karu-Karshi road.

His words: “It is very turbulent as people took half of the dual carriage road, to sell fresh fish, vegetables and others. That’s what took us there, and we have done it absolutely very well.

“For about five years, this illegality started developing strongly , it has not tasted our machines, so today it tasted the wil of the FCT Minister to actually rid Abuja of illegality especially things that impede on traffic free flow that is why today we are happy that people are excited that the road is free now.”

Speaking on how to sustain the clean up, Attah said: ” We are hopeful that we keep coming and checking the situation here, trusting that the Area Council that owns the market, which has been very supportive of this clean up will actually do well in keeping it under control, and with the support of the Abuja Environmental Protection Board (AEPB) they will do all they can to ensure that traders go into the market and other designated areas like the informer section, and keep the place clean and away from the road.”

Also speaking, Nbede Micheal , the Divisional Head, Planning, Land and Survey in AMAC, noted that hitherto the removal exercise, the situation was bad, as shanties, lack of parking space and all manner of things are built in and around the market.

According to him, “One of the major issue here is trading activities, totally blocking the major express road on a daily basis. Thank God for the work done by the FCTA, as it is a work well done.

“But, we are going to put all measures in place to sustain the new outlook of the the market. We are going to station AMAC Marshalls to checkmate whosoever that is going to put anything on ground in the undesignated places within and around the market.

“Even though, we have a private developer, who is already handling the market, we will fence the whole market, so that we can together safeguard the market.”

We will Deal with Lawmakers in 2023 Elections- NLC Women

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As 2023 general election approaches, the women wing of the Nigeria Labor Congress has threatened to mobilize women across the country to vote against law makers at the National Assembly who voted against the gender bill. In a peaceful rally in Abuja, asmost of the women who expressed their displeasure over the recent rejection of the bill by the National Assembly, said they are strategizing and will hit back on the law makers who have displayed their height of irresponsibility.
Speaking at the occasion, the Chair Person, NLC Women Political Commission, Comrade Salamatu Aliyu, who described their action as unfortunate, said the law makers have just proven that, they don’t value and have regards for the Nigerian women.

“It is unfortunate that the law makers decided recently that women women don’t matter, that they are not ready to work with women. Nigerian women are having constipation, you know when you eat the food and the food refuse to digest, you have constipation. Women in Nigeria today are having constipation from that decision of the law makers to throw away the baby and the bath water” She said.

” This one has shown us that our men who are representing us do not respect their mothers, do not see the values of their wives, their daughters, do not see the values of any woman in their families” she said.

“There is a difference between a Khaki and a leather. Because of the constipation they have caused us, we are going to draw a map for them. The Congress has a plan and our demands. He who fits into our demands is the person we are going to vote for.

“So, if you do not have a voter’s card, if there is any member of your family that doesn’t have a voter’s card, please make sure they get it because I believe each and every one of us here can cast ten votes in the family, a minimum of ten votes,” she said.

In her displeasure, the HOD, women and youth, NLC, Comrade Rita Guyit, said that the law makers have not only disappointed the Nigerian women, but the entire world, hence they lack women trust in leadership positions.
She added that the rejection of the bill serves as energizer, as Nigerian women are coming out stronger.

“We are here to join women all over the world, we have contributed a lot in our society. We are raising our voices to the National Assembly that they have disappointed world, we cannot trust them, they are not reliable, they are not responsible people, because any responsible people will not throw away gender bills. We know what women stand for, without women, the world will not be a safe place for anybody.”.

She added, “Infact the rejection of the bill if for anything has energized us, so we are strategizing and that is why we are coming up, like they say tactics in the war, don’t disclose your all your strategies, but let’s speak loud and clear, that for those men that voted against the gender bills, we are voting against them wherever they are”.

The women further disclosed that, Nigeria Labor Congress and its leadership is in full support of the women, and would do everything to get back on the law makers who voted against the bill.
The peaceful rally, was parts of the activities of the NLC women wing to mark the 2022 International Women Day Celebration.

Court Remands Abba Kyari, 6 Others Over $61,400 Cocaine Deal

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Justice Emeka Nwite of the Federal High Court Abuja has remanded the detained Commander of the Intelligence Response Team (IRT), Force Intelligence Bureau, Nigerian Police Force, Deputy Commissioner of Police, Abba Kyari, in the custody of the National Drug Law Enforcement Agency.

Justice Nwite directed that the Defendant should be kept in the NDLEA detention facility pending the hearing of their bail application on Monday, 14 March.

The remand order followed the arraignment of Kyari and 6 others over alleged cocaine deal.

Docked alongside Kyari are ACP SUNDAY J. UBUA, ASP BAWA JAMES, INSPR SIMON AGIRGBA, INSPR JOIIN NUHU CHIBUNNA, PATRICK UMEIBE EMEKA, and ALPHONSUS EZENWANNE.
In the charge marked FHC/ABJ/CR/57/2022, it was alleged by the FG that DCP Abba Kyari, ACP Sunday J. Ubua, ASP Bawa James, Inspector Simon Agirgba and Inspector John Nuhu, all male, on or about the 19th to 25th January 2022, at the office of Inspector-General of Police (IGP) Intelligence Response Team (IRT), Abuja conspired amongst themselves with ASP John Umoru (now at large) to deal in 17.55kilogrammes of cocaine and thereby committed an offence contrary to and punishable under section 14(b) of the National Drug Law Enforcement Agency Act, CAP N30 Laws of the Federation of Nigeria 2004.

Upon arraignment, Kyari and the 3 other police officers charged with him pleaded not guilty to the charge, while Patrick Emeka, the 6th and Alphonsus Ezenwanne, 7th defendants, respectively, pleaded guilty.

The matter is before Justice Emeka Nwite of the Federal High Court.

WAEC To Launch Digital Retrieval Of Lost Certificates

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Candidates of any exam diet conducted by West African Examinations Council (WAEC) who may have lost their originals certificates now have reasons to jump for joy.

This is as the Head of National Office Nigeria WAEC, Mr. Patrick Areghan has hinted that the Council is about to launch a digital avenue of retrieving lost original certificates issued to its candidates.

Areghan broke this good news at a press conference heralding activities marking the Council’s 70th Annual Conference at its Yaba head office, Nigeria on Monday March 7, 2022.

According to him, the result retrieval would be made seamless for anyone that misplaced, have their certificates mutilated or had old result missing in any form.

He affirmed that the transformation of the examination body from analogue to digital platform has made its activities and result processing easier online.

Besides, he said WAEC had promoted regional integration beyond and above other institutions in the region of operations.

Financial Crimes: POS Agents Move To Register Members In FCT

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In order to reduce financial crimes perpetrated through the Point of Sales (POS) machines in the Federal Capital Territory (FCT) POS Agents have begin the registration of its members with a charge on all operators to participate.

This comes as the operators under the aegis of Consolidated Point of Sales Agents expressed displeasure that criminal elements have infiltrated the agency banking system, giving its members who are genuinely engaged in decent means of livelihood a negative image.

The group’s Director of Operations , Alhaji Hassan Hakilu made this known at a press conference in Abuja noted that agency banking is a global innovation which has not only generated employment but brought banking services to the doorsteps of the people.

He frowned at the activities of people he described as unscrupulous elements masquerading as POS agents, ripping unsuspecting customers off their funds through dubious means.

According to him “This exercise will help us with a reliable data on those who are our members and those who are in the business for sinister motives.

“Thankfully, the leadership has held fruitful meetings with various stakeholders including the Economic and Financial Crimes Commission EFCC, FCT Police Command, Central Bank of Nigeria CBN and other relevant agencies of government.

“We will not spare operators identified to be indulging in sharp practices and fraudulent acts.

We will quickly do the needful by handing such individual over for investigation and possible prosecution by security agencies”

Meanwhile, the Vice President Operations, Mr. Ebere Nwokocha expressed concern that the new innovation which has further bridged the gap of unbanked members of the society is on the verge of gross abuse, reiterating the vigilance of the Consolidated Point of Sales Agents in Abuja to fish out corrupt practices in the system and ensure that adequate sanction is meted to erring members.

The Board of Trustees Chairman of the group, Barr. Basil Onyeachonam noted that POS business has become a safe haven for ‘yahoo boys’ to recruit young men and women to harvest banking data of unsuspecting customers for criminal intents.

He said that the agency banking has come to stay in Nigeria, Barr. Onyeachonam said there is need to build public confidence in the system, adding that proper documentation of operatives will expose bad eggs on the system.

The registration which commenced on March 1, 2022 is expected to end April 1, 2022 after which a penalty fee will be charged.

Court Stops Buhari, AGF, Senate Others From Altering Electoral Act 2022

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The Federal High Court Abuja presided over by Justice Inyang Ekwo, on Monday restrained President Muhammad Buhari, Attorney General of the Federation and Senate President from tampering with the newly amended Electoral Act 2022.

Justice Ekwo granted the plea for an interim injunction and adjourned further hearing in the matter till March 21.

Other respondents are the Speaker, House of Representatives, Clerk of National Assembly, Senate Leader, House of Representatives Leader and Independent National Electoral Commission INEC.

Also joined as defendants in the suit marked FHC/ABJ/CS/247/2022 are Deputy Senate President, Deputy Speaker, House of Representatives, Deputy Senate Leader and Deputy House of Representatives Leader.
Justice Ekwo made the order in a ruling on an ex-parte application moved by the Peoples Democratic Party.

Specifically, the court restrained all the defendants in the suit from removing section 84(12) of the Electoral Act or prevent it from being implemented for the purpose of the 2023 general elections.

The court agreed with James Onoja SAN, counsel to the PDP that the Electoral Act has become a valid law and cannot be tampered with without following due process of law.
It was the court’s opinion that the proper place to challenge propriety or otherwise of any existing law is court of competent jurisdiction.

The PDP had dragged President Buhari to court to challenge a fresh move to tamper with the newly amended Electoral Act already signed into law, recently by the President.

By the suit, the PDP is praying the court for an order of interim injunction restraining Buhari and other defendants from refusing to implement the duly signed Electoral Act or in any manner witholding the Electoral Act from being put to use including the provisions of section 84(12) of the said Act pending the resolution of the suit.

The PDP also pleaded the court for an order stopping the National Assembly from giving effect to President Buhari’s request to remove section 84 (12) from the Electoral Act or take any step that will make the provision inoperative pending the resolution of the motion on notice for interlocutory injunction.

The PDP contends that President Buhari having assented to the Bill on February 25, 2022, cannot give any directive to the National Assembly to take immediate steps to remove section 84 (12) or any section of the Act on any ground whatsoever.

Reps Panel Uncovers FG’s Properties Looted By Retired Civil Servants

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…As Sanwo-Olu Assures Of Support In Recovering NELMCO’s Abandoned Assets In S/West

Lagos State Governor, Babajide Sanwo-Olu has pledged his support for the
ongoing efforts by the House of Representatives to help recover multi-trillion naira abandoned Federal Government’s moveable and immovable properties in Nigeria, as well as foreign countries.

Sanwo-Olu gave the assurance while addressing the Chairman, Ad-hoc Committee on abandoned Federal Government properties across the country, Hon. Ademorin Kuye who led a delegation of members to seek the intervention of Government of Lagos State in the recovery of all Nigeria Electricity Liability Management Limited (NELMCO) properties in the South West geopolitical zone of the Federation.

Hon. Kuye explained that: “This Ad-hoc Committee is a function of several complaints laid before the House some few years ago, about Federal Government’s properties lying around all the States of the Federation; particularly those Federal Government’s properties that are being occupied now by hoodlums, some by unauthorised persons, some by retired civil servants who are now transferring the properties as if is their own inheritance even to their children.”

“Their children did not know that the properties do not belong to their fathers. So they think those properties are actually theirs. And we felt that these are properties that should be reclaimed and some that should be put up for sale, so that money can come in into government’s coffer, both at the state and at the federal levels.

“So that we can have a win-win situation, remove the security problem that these abandoned properties are constituting to State Governments, and at the same time bring revenue to the government; and make useful enterprise out of all of those properties. That is why the Ad-hoc Committee was formed,” he noted.

Kuye also informed the Governor that the Ad-hoc Committee had on Friday inspected some properties owed by the defunct National Electric Power Authority (NEPA), saying: “You will recall that during the privatisation of NEPA the core asset of NEPA, offices, the machines and all of that were transferred to private owners. While an agency was formed by the Presidency to act as a vehicle for alienation of non-core assets those are the Estates, the residential premises and all of that.”

“We were at Ikeja GRA yesterday, Ikoyi, some at VI and there are other properties like that, that we have been looking at. For example, we were at Merage, we were at Lekki, we were at Ladoke Akintola, we were at Kingsway, and other places and there are still a whole lot of those non-core assets of NEPA.

“We equally have the list generated by the Presidential Implementation Committee on Alienation of most of these properties. Some of those properties, your excellency would recall during monetisation exercise that took place under President Obasanjo and since then most of those properties have been sold to Civil servants who have retired and all of that, why some of those which are left behind, we are still looking at as to how we are going to dispose of them,” Kuye told the Governor.

Addressing the delegation earlier, Governor Sanwo-Olu who pledged his administration’s support for the lawmakers on the national assignment noted that their expedition to the State was a step in the right direction given the central position Lagos occupies in the history of Nigeria.

“The question is why Lagos and why not Lagos? And I’m sure we are all students of history. Certainly you cannot forget the role Lagos has played in fusing and bringing together the country called Nigeria.

“From very historic time even before Jaja of Opobo was adopted it was an old colony of Lagos it was the oldest colony in all of this country. Lagos had existed before Nigeria came into existence, before the amalgamation, Lagos had been two centuries before then. And given that long history of Lagos, I’m sure the forefathers and the colonial masters find it appropriate to designate this place as the first federal state government and Lagos bore that burden for several years and we are indeed grateful to be part of the development of this country. And to look at the perspective where we are seated here, it’s a colonial story.

“We see as time to not necessarily right the wrong, but just putting things in proper context and proper perspective. We all know that the history of our democracy has been both military rule and civilian rule. And Lagos had had to carry the brunt for a significant amount of time before we birth Abuja. Given those stories into perspective, Lagos had become home to a lot of Federal Government’s assets as well as some liabilities at some point.

“So when you look at the assets also look at the liabilities, so we have to be able to kill both of them. We are aware of the great work you’re doing.

“Our submission, our request would be for the Committee to be very very discerning to be able to view Lagos with that compassion. So while that happen from our records, there are some assets that we know very clearly that it’s because of how governance has been in our country, there were no proper delineation between the state and federal government assets at some point.

“And in fact, a lot of the State’s assets I don’t want to use the word confiscated but were transferred to Federal not because people wanted to be mischievous but because it was very convenient at that time,” the Governor said.

He maintained that some Federal Government agencies in the 80s occupied some properties belonging to Lagos State, where they cohabit with Lagos State civil servants, “where A part will be Lagos State staff and B Part of it will be Federal Staff.”

“And you know too well that during the military administration, the military administrator will not allow his bosses to be looking for houses be it in whatever form, when he sits here as a Governor and he will not be able to take care of his own Constituents.”

He added that for the fact that the State had sat on the properties for about 40 years in law could amount to having ownership possession of the properties as recognized by law. But I will want the Committee to see how we can soften and see Lagos as the beaten child that should be taken care of.”

Buni’s Removal As APC Caretaker Chair, A Welcome Development – Sagay

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Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Prof. Itse Sagay (SAN) has hailed the removal of Governor Mai Mala Buni as Chairman, Caretaker Extraordinary Convention Planning Committee (CECPC) of the ruling All Progressives Congress (APC), saying it is a healthy development for the party.

Recall that Governor Sani Bello of Niger State took over control of the APC on Monday following the removal of Buni who is currently out of the country.

Sagay in an interview with newsmen said with Buni’s removal, the APC can now make progress and look forward to conducting a proper national convention.

According to him “I believe Buni’s removal is a very healthy development for the APC. Now, we can look forward to a proper convention for the election of the new party leadership. After that, we can have a proper convention for the primaries”.

“Buni is a man is who has too many axes to grind and instead of working for the interest of the party which asked him to do a six months job but he turned it into a permanent job.

He had too many unknown agenda which he was slowly carrying out”.

“So, it was clear to all that he was no longer operating on behalf of the party but for his own selfish interests.  His removal to me is a very good news and I believe we can now make progress as a party”.

It will be recalled that Sagay in an interview last week had singled out Buni and John Akpanudoedehe, national secretary of the committee, as persons to be held responsible if the party loses the 2023 presidential election.

He also alleged that Buni is plotting to preside over the convention and presidential primary of the party so as to handover the ticket to ex- President Goodluck Jonathan, who is yet to join the APC, with him (Buni) as running mate.

The plan, according to him was that if Jonathan wins the election, he will handover to Buni after four years.

Meanwhile, Buni is yet to deny the claim.

DisCos Gives Reason Why Customers Pay For Meters

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The Association of Nigerian Electricity Distributors (ANED) hinted that not all approved metering schemes, currently active in the country, offer meters at no immediate expense to customers.

ANED’s Executive Director, Research and Advocacy, Barr. Sunny Oduntan gave this hint while making clarifications to the media on the different channels through which customers can obtain electricity meters.

According to him, “Under the Nigerian Electricity Regulatory Commission (NERC)’s “Meter Asset Provider and National Mass Metering Regulations,” Regulation No. NERC-R-11-2021, there are two metering programmes – National Mass Metering Programme (NMMP) and the Meter Asset Provider (MAP). The NMMP is a policy intervention by the federal government, with funding from the Central Bank of Nigeria (CBN). This programme commenced in 2021 and the objective of the program is to expeditiously close the electricity metering gap. These meters are provided free of charge to customers and as loans to the electricity distribution companies (DisCos). The first phase of NMMP covered the delivery and installation of a million meters and concluded in October, 2021. In the second phase, four million more meters are expected to be installed.”

“The second route to obtaining a meter is under the Meter Asset Provider (MAP) scheme which was approved in 2018. This avenue is available to customers who are unwilling to wait for the availability of meters under the NMMP. Such customers can pay for a meter under the scheme. The amount paid by the customer will be amortised and refunded over a 36-month period via energy credits, ,” Oduntan explained.

“This twin approach is aimed at closing the metering gap in the next one or two years, so that estimated billing will be reduced to a minimum. However, of note is that under the second program, with the advantage of expedited delivery and installation, the customer has to first pay for the meter before being refunded. Ultimately, the meter is free to the customer, via the energy credits.

The implementation of Phase 0 (zero) of the NMMP has been concluded by all the DisCos, while waiting for the commencement of Phase 1. All the DisCos are finalizing the documentation and disbursement requirements of the funding for Phase 1, with an expected kick-off of the same soonest.

“It is important to clarify that the DisCos are operating within the regulatory guidelines established by their regulator, NERC, relative to meeting customer metering requirements,” he added.

Revenues From Oil, Gas Firms Drop By 40%

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…Oil, Gas Firms Owe Nigeria N1.32Tn In 202

The 2020 oil and gas industry audit report released by Nigeria Extractive Industry Transparency Initiative (NEITI) on Monday, indicates that companies’ liabilities to the Federation stood at N1.32Trillion or $3.17billion as at December 31st 2020.

Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, made this revelation during the public presentation of the agency’s industry reports of the oil, gas, mining as well as the Fiscal Allocation and Statutory Disbursement in Abuja.

The public presentation of the 2020 NEITI reports was witnessed by Mr. Olusegun Adeyemi Adekunle, Chairman, National Stakeholders Working Group (NSWG), Muhammad Nami, Executive Chairman, Federal Inland Revenue Service (FIRS), Mallam Umar Jiya, Chief Financial Officer, NNPC Limited, heads of Non-governmental Organizations (NGOs) among others.

This is the Executive Chairman of Federal Inland Revenue Service (FIRS) Mr. Muhammad Nami, said collaboration with NEITI helped it generate N6.4 in 2021 using the information and data from the audit reports.

Orji, noted that compared to the N2.6Trillion owed in 2019 the revenues recorded a dip by 40 percent within the year under review, adding that the number of defaulting companies dropped from 77 reported by NEITI in 2019 to 51 in 2020.

The NEITI boss described the current debts as collectable revenues that are due to the Federation by the Department of Petroleum Resources and the Federal Inland Revenue Service, stressing that the latest reports outlined the specific revenue streams that accounted for the liabilities in question.

“These include royalty oil, royalty gas, concession rentals, Petroleum Profit Tax, Company Income Tax, Education tax, Value Added Tax, Withholding Tax among others.

“The courageous public disclosure of companies’ liabilities to the Federation by NEITI was in line with its national mandate and in fulfilment of its obligation as a member of the global Extractive Industries Transparency Initiative (EITI), and not in any way against the companies. ”NEITI’s disclosure seeks to draw the attention of the oil and gas companies to their obligations to remit all revenues due to government, especially at this time that government is in dire need of revenues to rebuild the nation’s infrastructure and improve the investment climate in the country” Dr. Orji explained.

Orji described the companies as the backbone of the industry. “Without the companies there will be no industry, no investments and no revenues to remit”. So NEITI will continue to support the companies and also expect that they live up to their obligations, as regard to payment of taxes, royalties and levies to the Federation, as they do in other jurisdictions of their operations.

The NEITI 2020 oil and gas report also revealed that Nigeria earned $20.43billion from the oil and gas sector in 2020. The figure represents a decline of 40% compared to the 34.22billion realized from the sector in 2019.
On remittances to the Federation Account from the oil and gas sector, the report also disclosed that $14.65Billion, representing 71.17% of the total earnings in 2020, was remitted to the account, while total aggregate financial flows from the oil and gas sector to government in ten years (2011-2020) was $394.029 billion.

The report also revealed that the total crude oil production in 2020 was 646.7mmbbls, representing a 12% decrease when compared to the 735.24 mmbbls produced in 2019. Out of the above total production in 2020, 648.48mmbbls were lifted, and this was 11.85% lower than the 735.66mmbbls lifted in 2019.

Speaking on domestic crude allocation and consumption, the NEITI report also disclosed that 107.746mmbls was managed by the NNPC under the Direct Sale Direct Purchase arrangement. It also revealed that the value of the crude exchanged under the DSDP arrangement was $6.7billion, while the value of the refined products received for local consumption was $6.03billion, indicating a variance of $134.78million.

As regard to fuel subsidy, the NEITI report further disclosed that NGN106.9billion was paid as subsidy between January and June 2020 to sustain product availability with an outstanding balance of N26.74Billion yet to be paid. NEITI also reported that 20.01billion litres of petrol, 52million litres of kerosene and 5.33billion litres of diesel were respectively imported into the country for domestic use during the period under review.

Also speaking on oil theft and crude losses, the report made assessment based on the data provided to NEITI by 22 of the 69 covered companies. According to the result of the assessment, 39.16mmbls of crude valued at US$44.73million (N15.71billion) was stolen with 349 cases of pipeline vandalism recorded in 2020. This is an improvement when compared to the 1,387 cases of vandalism reported in 2019.

On Gas production, the report revealed that the gas sub-sector contributed over $1.5billion to the Federation account. According to the report, the total gas production in 2020 was 3.01million cubic feet. While 64% of this total quantity was sold, 8% was flared and 4% unaccounted for.

The NEITI report also showed that the oil and gas sector contributed only 8.16% to the total GDP in 2020. This represents a decline of 0.46% when compared to the 8.62% recorded in 2019. The report further revealed that the sector dominated the country’s export in 2020, contributing about 75% (N9.44Trillion) of the total export value of N12.52Trillion.

Furthermore, the report made far reaching recommendations including the urgent need for further investigations into the circumstances surrounding the transfer of the Federation’s stake in OML 24 operated by Pan Ocean and New Cross Energy. NEITI’s concern is on the value for money of the transaction, payment for the federation equity interest and recovery of the $309.1million that should have been paid for the asset.

The report also welcomed the Petroleum Industry Act and the prompt decision of President Buhari to set up a nine-member committee, including NEITI, to oversee its implementation adding that the courageous implementation of the reports of the Steering Committee when concluded will set the stage for a new oil and gas industry ready for competition and investment going forward.

This is the 13th cycle of independent oil and gas industry report by the Nigeria Extractive Industries Transparency Initiative (NEITI) in line with the NEITI Act 2007 and in fulfilment of Nigeria’s obligation to the global Extractive Industries Transparency Initiative (EITI). The report reconciled payments from eighty-three (83) entities. They included sixty nine (69) oil and gas companies, thirteen government agencies and the Nigerian Liquefied Natural Gas (NLNG).

The audit was conducted by Taju Audu & Co. (Chartered Accountants), an indigenous accounting and auditing firm.

Meanwhile, the transparency agency stated that though it unveiled three reports this Monday, it will release the details of the reports for the solid minerals sector and the fiscal allocation and statutory disbursements at a date to be announced soon.