Chief Timipre Sylva, Minister of State for Petroleum Resources, has stated that Nigeria will meet the three million barrels per day quota set by the Organization of Petroleum Exporting Countries (OPEC).
Despite the fact that the country currently produces around 1.3 million barrels per day, Sylva stated that aggressive attempts are being made to enhance output in order to satisfy the OPEC quota.
During the 2021 graduation ceremony of the Petroleum Training Institute (PTI) in Effurun, Delta State, Sylva offered the assurance.
Dr. Nasir Gwarzo, Permanent Secretary, Ministry of Petroleum Resources, represented the minister, who stated that the Federal Executive Council (FEC) had directed the ministry to reach the three million barrels per day production target as soon as possible.
Sylva stated, “Some of the strides of the petroleum ministry, one of which is the mandate to increase crude oil production to three million barrels per day. Today, we are producing about 1.3 million barrels per day. The ministry is putting all concerted efforts to meeting the current OPEC quota.”
The federal government’s decision to debit local government accounts in order to begin a payment of $418 million (N172 billion) to private advisers on the Paris Cub refund has pitted states and local governments against the FG.
Only three Nigerian state governments (Lagos, Rivers, and Akwa Ibom) can sustain their recurring expenditure without federal government allocation, according to BudgIT, a civic initiative dedicated to government financial transparency.
The Nigeria Governors Forum (NGF) and the general public have put pressure on the government to halt the dubious payments to the consultants.
The Attorney General of the Federation and his allies in government pushed for this payment.
In a spectacular turn of events, less than a month after President Muhammadu Buhari’s direction, the Ministry of Finance, Budget, and National Planning has begun deducting funds to pay claimants.
The Federal Ministry of Finance’s permanent secretary told the Federation Account Allocation Committee (FAAC) meeting on Friday that deductions to pay the consultants had begun.
The states were irritated by this information, and they refused to consider revenue for the month of October 2021 unless the FG clarified the deductions.
In 2006, the federal government paid $12 billion to the Paris Club of international creditors in exchange for a $18 billion debt write-off.
States and LGAs that did not owe the Paris Club requested a reimbursement from the federal government because the payment was made straight from funds accruing to the entire federation.
Some consultants arose along the way, claiming a cut of the reimbursements as remuneration for ostensibly providing services to the states and LGAs.
The Association of Local Governments of Nigeria, according to certain contractors, has requested them to carry out projects across the country (ALGON).
However, it was questioned why states would need advisors to negotiate with the federal government over the reimbursement when the projects ALGON claimed to have granted were primarily non-existent.
Before any payments, the governors, led by Dr Kayode Fayemi, requested a forensic audit.
While the contractors and consultants were in court, Abubakar Malami, the Attorney General, negotiated an out-of-court settlement with them, agreeing to pay $418 million in judgment debt.
Despite the governors’ and activists’ resistance, President Buhari went ahead and approved the payments.
The Nigeria Governors’ Forum (NGF) had instructed banks and compliance officers to overlook the $418,953,670.59 payment to consultants.
The governors reiterated that the promissory notes should be ignored in a new letter dated September 3 and signed by P. H. Ogbole, another Senior Advocate of Nigeria (SAN).
The governor of the Central Bank of Nigeria (CBN), the Attorney-General of the Federation (AGF), the finance minister, the director-general of the Debt Management Office, and the MDs/CEOs/compliance officers of all commercial banks in Nigeria were also addressed in the letter.
“The issuance of promissory notes of a humongous sum of over $418 million to private persons for alleged consultancy work demands not only caution but strict due diligence; particularly when the judgements which gave rise to the payments sought to be enforced are the subject of pending litigation.
“Matters that are sub judice must not be acted upon in a manner that will foist a situation of complete helplessness on the courts and render their decisions nugatory.
“This caveat is therefore issued as a further notice to the honourable minister of finance and the director-general, Debt Management Office to act in the interest of the public and refrain from foisting on the nation another case of P&ID in which but for due diligence, the nation would have been fleeced of billions of dollars.
A terse statement signed by Mr. David Olofu, chairman, Forum for Commissioners of Finance of Nigeria said the debit happened without notification of all concerned.
The statement indicated that “members declined approval after consideration of the reports for the disbursement of the available revenue because of deduction on funds belonging to the Local Government Councils in favour of some consultants for a $418 million judgment debt for consultancy services with respect to Paris Club Loans refund.”
It said: “Based on available information, the deduction will continue for 10 years (120 months). This is contrary to the provisions of Section 162 of the Constitution of the Federal Republic of Nigeria 1999 as amended.”
Mr. Olofu also noted that “the Nigeria Governors’ Forum (NGF) had objected to the execution of this judgment until full determination of ongoing litigation on the subject matter.”
He disclosed that the “Commissioners for Finance representing states and local government councils do not have prior knowledge of the deduction and coming at a time when states and LGCs are in dire straits will further worsen the fiscal position of these tiers of government.”
He added that “consequent upon these, the meeting was adjourned to allow for further consultations and resolution of all the issues that had been previously raised by the Nigeria Governors’ Forum (NGF) regarding the assignment that gave rise to the claim and the judgment.”
President Muhammadu Buhari will introduce the Central Bank Digital Currency (CBDC), dubbed eNaira, on Monday, marking the official commencement of the digital version of the Nigerian naira’s operation (NGN).
The e-Naira, which was supposed to be launched on October 1 but was postponed owing to Nigeria’s Independence Day, according to the Central Bank of Nigeria (CBN).
Mr Osita Nwanisobi, Director of Corporate Communications at the Central Bank of Nigeria, said in a statement on Sunday that the launch of the eNaira was the result of extensive research by the apex bank to make transactions easier for Nigerians.
The bank further highlighted that the eNaira is a version of the physical currency rather than an investment platform, citing thorough consultations with banking partners, merchants, and financial technology (fintech) operators and users.
Speaking further about the electronic currency in the statement, Nwanisobi said: “Since the eNaira is a new product, and amongst the first CBDCs in the world, we have put a structure to promptly address any issue that might arise from the pilot implementation of the eNaira.
“Accordingly, following Monday’s formal launch by the president, the bank will further engage various stakeholders as we enter a new age consistent with global financial advancement,” he noted.
The apex bank has themed the eNaira as: ‘Same Naira, more possibilities’ and it can be used by creating an eNaira wallet.
The CBN has also urged Deposit Money Banks (DMBs) to facilitate prompt placement of restrictions on eNaira wallets in the event of a valid report of loss, theft of device or compromise and a hack of a user eNaira wallet.
CBN had launched the eNaira Regulatory Guidelines earlier this month which empowers customers to report compromises of the eNaira wallet via USSD channels, internet banking platforms, customer care phone lines, and in-branch customer care.
The apex bank had said about 10 percent of the naira note in circulation will be converted to the e-Naira and had set the limit of transactions in the framework.
For instance, in the Tier 0 category or phone number without verified National Identity Number (NIN), the daily transaction is limited to N20,000 with a balance or e-wallet limit set at N120,000.
For the Tier 1 category with verified NIN, the daily transaction reaches N50,000 with N300,000 e-Naira wallet balance. Those in Tier 2 category can do N200,000 daily and have N500,000 e-wallet balance while for Tier 3, they can do N1 million daily transaction and hold N5m via e-wallet.
CBN further said merchants or individuals that have full clearance have no limit as to the e-Naira transaction they can do.
Senator Anyim Pius Anyim, a former Secretary to the Government of the Federation (SGF), is now being interrogated by agents from the Economic and Financial Crimes Commission (EFCC).
Anyim was invited as part of an inquiry into alleged corruption and misappropriation of public funds, according to a senior commission official.
Anyim, who arrived at the anti-graft agency’s headquarters in Jabi, Abuja, at 3 p.m., is currently being interrogated by a team of agents.
Though the particular allegations against the former SGF were unclear at the time, a person familiar with the matter said it is linked to a corruption and money laundering case involving Senator Stella Oduah, a former Aviation Minister and serving senator.
A total of N780 million in rehabilitation funding was allegedly tracked to a firm in which Senator Anyim has a stake.
President Muhammadu Buhari will go to Riyadh, Saudi Arabia, on Monday, October 25, 2021, to attend the Future Investment Initiative Institute’s investment conference.
The President will be joined at the 5th edition of the flagship investment event by business executives from Nigeria, bankers, captains of industry, and energy experts to discuss issues on the future of investments around the world, according to Garba Shehu, Senior Special Assistant on Media and Publicity.
The three-day event, titled INVESTMENT IN HUMANITY, will feature discussions on growth and prosperity in the energy sector, true ultimate frontiers in investments, science in action, and the impact of climate change on communities, among other topics.
Before returning to Nigeria on Friday, President Buhari will perform the smaller Hajj at Madina and Makka.
The President will be accompanied on the trip by Dr. Isa Ibrahim Pantami, Minister of Communications and Digital Economy, Amb Zubairu Dada, Minister of State for Foreign Affairs, Amb Zubairu Dada, Minister of State for Petroleum Resources, Chief Timipre Sylva, National Security Adviser, Maj. Gen Babagana Monguno, Director General of the National Intelligence Agency, Amb. Ahmed Rufai Abubakar, Managing Director of Nigerian Sovere
Alhaji Mohammed Indimi, Alhaji Aliko Dangote, Tope Shonubi, Wale Tinubu, Alhaji Abdulsamad Rabiu, Hassan Usman, Omoboyode Olusanya, Abubakar Suleiman, Herbert Wigwe, and Leo Stan Ekeh are among the private sector participants.
The Peoples Democratic Party (PDP) has responded to a lawsuit filed in Kaduna’s High Court to prevent the party from conducting its National convention on October 30 and 31, 2021.
The party urged members and supporters to ignore all distractions as the party prepares for its convention on October 30 and 31. The party stated that the convention is not intended to be a witch hunt or to shorten anyone’s mandate.
Those who approached the High Court in Kaduna in an attempt to block the party from conducting its national convention were labeled as misguided members by the party’s Secretary, National Convention organizing Committee (NCOC) and governor of Oyo state, Seyi Makinde.
The statement reads: “The Peoples Democratic Party (PDP) National Convention Organising Committee (NCOC) is using this medium to alert members of our party and members of the public that we are aware of the actions of a few misguided PDP members who have approached the High Court in Kaduna in an attempt to prevent our great party, the PDP from holding its National Convention on October 30 and 31, 2021.
“Notwithstanding their right to approach a court of competent jurisdiction to air their grievances, we maintain that the National Executive Committee (NEC) of the PDP has acted in good faith in fixing our convention for October 30 and 31. It is not meant to witch-hunt anyone or to truncate anyone’s mandate.
“Therefore, we call on all members and supporters of the PDP to ignore this distraction as we prepare to host a convention that will send a clear signal to Nigerians that the PDP is the only party that has the will and the might to rescue Nigeria from the catastrophe that we have been enduring for the past six years.
“We are aware that a clearly united PDP is a threat to the forces that seek to divide us. Therefore, we urge our teeming supporters nationwide to keep the faith as we are taking all necessary measures to ensure that we will not be distracted from our goal.
“We are determined to strengthen our party structure and put in the work needed to unify and restore our great nation back on the path to economic prosperity and greatness.
“We therefore urge all party faithful to continue to rally support as we prepare to host our National Convention on October 30 and 31, 2021.”
The pressure on the All Progressives Congress (APC) national leader, Bola Ahmed Tinubu, to succeed President Muhammadu Buhari in 2023 is causing controversy, with some party leaders claiming that he is too fragile for the role.
Thousands of fans of the former Lagos State governor took turns over the weekend under the aegis of Tinubu Support Group (TSG) to convince the former governor to declare interest in the top position.
Hon. James Faleke, the group’s convener, dubbed Asiwaju Bola Tinubu “the maker of modern Lagos” and urged him to declare his intention to run for President immediately.
“We are calling on our National Leader, Asiwaju Bola Ahmed Tinubu, to formally proclaim his presidential aspiration on behalf of the millions of supporters of Tinubu Support Group,” Faleke added.
He went on to say that despite leaving government, this is a man who has remained popular because he is dedicated, steady, and relentless.
In Nigerian politics, he has been a pivotal role.
According to him, the ruling party was fortunate to have someone with Tinubu’s political clout.
However, some APC leaders believe the party has more options than the former governor, who recently returned from London where he underwent knee surgery.
According to Alhaji Isah Danladi, an APC chieftain in Lafia, Nasarawa State, the former Lagos State governor “represents a recycling process that has left the country in ruins.”
Tinubu, he said, is “no better than Buhari.”
His type should be concerned with leaving a decent legacy as a statesman who contributes to the stability of our democracy in conscience-based communities.
He formed a robust and virile party through extensive consultations that was able to depose a ruling party.
That, not this juvenile thirst for power, which I believe is self-serving,” says the author.
Dr. Garus Gololo, an outspoken APC leader and social analyst, said, “These individuals are jokers.”
You’re implying that a bunch of people will band together and, in good conscience, try to persuade an obviously frail and fatigued man to run for president.
“How many times has Buhari left the country on medicals abroad? More than five times. And we want to bring another like him,” he added.
This is as he called on the APC leadership to give the Vice President, Yemi Osinbajo and the Borno State Governor, Babagana Zulum, to opportunity to lead the nation; adding that both men have proven track record of performance and are strong enough to get the job done.”
Dr Gololo equally disclosed the readiness of some party members to move to other political parties “if APC as much as contemplates giving Tinubu the opportunity to vie for the presidency.”
An APC youth leader in Kaduna State, Mallam Abdulazeez Ayinfa told Daily Independent that “giving Tinubu the party’s Presidential ticket for 2023 is similar to nailing the coffin In its victory at the polls.”
“It may not augur well for the party,” he lamented.
The managing director of a new generation bank has been ordered by Justice E. A. Andow for failing to comply with an order to refund N14.2 million to a bank client.
The summons came after an endorsement of the Form 49, captioned “Notice to Show Cause Why Order of Committal Should Not Be Made,” dated October 20, 2021.
The committal order was obtained from a suit filed by Jacinta Uloma Ibe (now Jacinta Uloma Agha Orji) against Zenith bank plc (1st defendant), the Commissioner of Police, FCT Command (2nd defendant), and Nnaemeka Magnus (3rd defendant/applicant) in the case KDH/KAD/888/ 2021.
The ruling came after relatives of Florence Ngozi Aguwa, who died in January 2020, allegedly made unauthorized withdrawals from her account without the agreement of her husband, Magnus Nnaemeka Aguwa, the 3rd defendant/applicant.
The order further reads, “Take notice that the 3rd defendant/applicant will on the 9th December, 2021 in the afternoon apply to this court for an order for your committal to prison having disobeyed the order of this honourable court made on 5th day of October, 2021 requiring you to pay the sum of N14, 216,107.34k (Fourteen million, two hundred and sixteen thousand, and seven hundred naira, thirty four kobo) from account number 1003005241 belonging to Mrs Florence Ngozi Aguwa and domiciled with 1st defendant/respondent into account no. 0230780257 belonging to Mrs Flornce Ngozi Aguwa domiciled with Guaranty Trust Bank Nigeria Plc pending the determination of the motion on notice filed by the 3rd defendant/applicant before this honourable.”
Also ruling on the motion on notice brought against Jacinta Uloma Ibe (now Jacinta Uloma Agha Oji) by Aguwa’s counsel Oteiku Asekome, the judge directed the Commissioner of Police, Kaduna State to commence investigation into the circumstances behind the withdrawal of the sum from the deceased’s bank account.
The contempt proceedings were initiated by Mr Aguwa after police investigation found that the relatives of the deceased woman obtained the letter of administration from the Probate Registry of the Kaduna State High Court after she was blocked at the FCT High Court Probate Registry and the Manager’s Cheque issued to her withdrawn by the bank.
Police investigation revealed that the deceased sister concealed information about her being survived by a husband and two children aged seven and five years old.
Following a collision of ambitions with Senator Bola Tinubu, the National Leader of the All Progressives Congress (APC), Vice President Yemi Osinbajo is prepared to wage the presidential battle of his life.
After being snubbed in London by the former Governor of Lagos State, Osinbajo was left with no choice but to throw his hat into the ring, according to a recent article in one of the sales.
Tinubu returned to Nigeria earlier this month following a medical vacation in London that lasted over three months.
The two-term governor of Lagos State, whose health has been a point of contention, is said to have had knee surgery in London.
President Muhammadu Buhari, Governors Babajide Sanwo-Olu (Lagos), Umar Ganduje (Kano), Dapo Abiodun (Ogun), Kayode Fayemi (Ekiti), and Rotimi Akeredolu (Ondo) were among the leaders who paid him a visit in London.
The House of Representatives’ northern caucus, led by Deputy Speaker, Hon. Ahmed Wase, also paid a visit to the APC national leader and endorsed his candidacy for the presidency in 2023.
However, a source close to Osinbajo said yesterday night that Tinubu ignored him during his medical vacation in London.
“Essentially, Osinbajo arrived London to attend a conference and then, see Tinubu. As he arrived, he was supposed to see Tinubu the next morning but Tinubu left town by 6 a.m. the next morning to avoid seeing him. Even Adeboye (General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye) had arrived a day earlier and they planned to see Tinubu,” the source said.
The source further disclosed that the vice president has to make up his mind after his failed bid to see Tinubu.
“Tinubu has ramped up his campaign and Osinbajo also wants to be president and both cannot be president.
“So, now the die is cast for the battle of his life. He has not decided to run but a lot of people are mobilising him to run,” the source explained.
However, according to a source close to Tinubu, the former governor of Lagos State had been in London for two and a half months, adding that if Osinbajo wanted to come and see him, he had enough time.
“The president came to see Asiwaju; other leaders came; Osinbajo did not come. If Osinbajo had wanted to come, he had enough time to do so. Tinubu wanted to return because he wanted to avoid the crowd in Lagos. And he returned when he did,” he explained.
Strong indications that Osinbajo may part ways with his political mentor over the 2023 presidency had emerged during his birthday in March 2020 when Governor Abdullahi Sule of Nasarawa State, who delivered an address on behalf of the APC Progressives Governors Forum, hinted that Osinbajo is a good candidate to succeed Buhari.
Osinbajo’s supporters, under the aegis of the Progressives Consolidation Group (PCG), were the first and only support group that has received the approval of the APC to canvass support for his emergence as the party’s presidential candidate for the 2023 presidential election.
The approval was contained in a letter titled, ‘Letter of Recognition as a Support Group,’ dated October 4, 2021, and signed by the Director of Administration of the APC, Alhaji Abubakar Suleiman.
The letter, which was addressed to the PCG, read in part, “We write to inform you that the National Chairman, His Excellency, Mai Mala Buni, has approved your recognition as a support group of the party.”
Even though the supporters of Osinbajo and Tinubu have insisted that the alleged attempt to pit the two leaders against each other will fail, there are no indications that any of them will drop his presidential aspiration.
Reacting to a report where groups said to be supporting Tinubu and Osinbajo were pitted against each other over the 2023 presidency, the Special Adviser to the President on Political Matters, Senator Babafemi Ojudu, had stated in a statement that neither the vice-president nor his office will endorse “this kind of a divisive engagement and news reports”.
“Asiwaju Bola Ahmed Tinubu and Vice President Yemi Osinbajo are members of the same party,” the former senator said.
“Osinbajo regards Tinubu as a respected leader of a political family to which he belongs and will therefore not for any reason endorse an endeavour that seeks to pitch them against each other.
“We are not unaware of some people who may want to foist a crack among our leaders. Such an attempt is abortive. Osinbajo and Tinubu relationship dates way back and it shall continue to wax strong,” Ojudu reportedly explained.
President Muhammadu Buhari has urged the Academic Staff Union of Universities (ASUU) leadership to constantly embrace dialogue in the country’s drive for better education.
On Saturday, Buhari made the request while giving his address at the University of Ilorin’s 36th Convocation Ceremony.
Professor Ignatius Onimawo, who represented the President, informed the ASUU leadership that communication is preferable than fighting.
According to him. “Let me also use this opportunity to appeal to members of the academic staff of our universities to embrace peace.
“They should realise that dialogue is always better than conflict. No one gains from crisis. While government alone cannot solve all challenges facing a society, this administration is willing to listen to complaints and alternative points of views to managing a situation.
“The university system cannot withstand any crisis now considering the time it had lost to Coronavirus pandemic,” he said.
The President, however, appealed to the leadership and members ASUU to give always give peace a chance.
On the issue of the COVID-19 pandemic, the President said our universities have a role to play in the efforts at combating the scourge.
“I expect our universities to conduct researches targeted at discovering an antidote to it. Universities are expected to focus their research on challenges facing our societies and find practical solutions within the context of national development.”
“I therefore challenge the Universities to give their best in the fight against this common and unrelenting enemy of humanity. I enjoin our researchers to collaborate among themselves and look forward to bringing an effective solution to this medical challenge.
The nation expects University of Ilorin to play a leading role in the research efforts to develop Covid 19 in Nigeria.
“The nation expects nothing less from the Nigerian University system”, he added.
