Monday, May 26, 2025
Home Blog Page 304

Subsidy : NNPC To Govs Expect Zero Remittance Into Federation Account In April, May

0

The Nigerian National Petroleum Corporation (NNPC) has alerted the federal and state governments to its dwindling contribution to the federation account as a result of the bloated fuel subsidy.

while hinting that, It said it would only be able to remit N12.966bn to the Federation Accounts Allocation Committee in June after removing fuel subsidy from its income.

The corporation, which stated this in a document titled, ‘January to March actual and April to June projected remittance to federation account,” indicated that it would not make any remittance for the April and May FAAC after paying fuel subsidy from its revenue.

The document, which was attached to a letter written to the Accountant General of the Federation, was dated April 26 and signed by the NNPC’s Chief Financial Officer, Umar Isa.

In the letter, copies of which were sent to the Minister of Finance, Budget, and National Planning; the Director-General of the Nigeria Governors’ Forum; the Director, Home Finance; and the Chairman, Commissioners of Finance Forum, the corporation explained how fuel subsidy had been affected its revenue to FAAC.

FAAC committee, which meets monthly to share funds among federal, state and local governments, consists of the finance minister, state commissioners of finance, state accountants – general, accountant-general of the federation and the permanent secretary of the Federal Ministry of Finance.

The money shared at FAAC comes from revenues generated by the Nigeria Customs Service, the Federal Inland Revenue Service and the NNPC. However, Nigeria’s oil corporation is the highest contributor as crude oil is the biggest source of revenue for the country.

It would be recalled that the Edo State Governor, Godwin Obaseki, that the Central Bank of Nigeria printed N60bn to augment the March allocation following a shortfall in revenue generated controversy with the Federal Government denying the allegation.

An analysis of the NNPC’s projection in the document obtained by one of our correspondents on Wednesday, shows that while the net revenue to FAAC in April is N111.966bn, the NNPC value shortfall as a result of petrol subsidy is put at N111.966bn, leaving zero remittance as the net revenue to FAAC after value loss.

In May, net revenue to FAAC is projected to be N171.747bn, the NNPC value shortfall is put at N171.746bn, leaving zero remittance as the net revenue to FAAC after value loss as a result of fuel subsidy payment.

In June, the projected net revenue to FAAC is at N105.337bn, the NNPC value shortfall is N92.371bn, while the net revenue to FAAC after value loss is put at N12.966bn.

According to the document, the NNPC in the letter stated that in January, February and March, the oil firm’s net revenue to FAAC after value loss were N96.86bn, N64.16bn and N41.184bn respectively.

The letter read in part, “The Accountant-General of the Federation is kindly invited to note that the average landing cost of premium motor spirit for the month of March 2021 was N184 per litre as against the subsisting ex-coastal price of N128 per litre, which has remained constant notwithstanding the changes in the macroeconomic variables affecting petroleum products pricing.

“As the discussions between government and the labour have yet to be concluded, the NNPC recorded a value shortfall of N111,966,456,903.74 in February 2021 as a result of the difference highlighted above

An official who spoke on condition of anonymity, due to the nature of the subject, said, “The NNPC, the FIRS, Customs and the NPA, all revenue generating agencies, contribute specified quantum to FAAC. But the largest contributors are usually the NNPC and the FIRS.

“So once there is a shock to the NNPC’s revenue yielding capacity, it will affect the entire federation. On several occasions, the NNPC has been accused of not disclosing all the revenues it makes.

“Since last year, even before COVID-19, the corporation had a challenge in terms of revenue and this was worsened by COVID-19, as well as the oil production quota allotted to the NNPC by OPEC.”

OPEC, an organisation which has Nigeria as member, asked its members to cut down on the volume of crude they produce in order to help shore up global oil prices.

Nigeria had to cut down its production from over 1.8 million barrels per day to about 1.4 million barrels per day in keeping with the demand of OPEC, a development that had also reduced crude oil revenues for the country.

All these variables worsened the revenue capacity of the corporation. So what the corporation has done now is to alert FAAC through the AGF. The Edo State governor was actually raising this issue, although he did not put it rightly,” the source stated.

The official added, “And right now as it stands, there are fears that it may get to a point where the corporation might find it tough to even pay salaries. It is that bad.

“Even last year, there was the concern that salaries for September would not come as expected. The challenge is now coupled with the bloated subsidy, because the NNPC is shouldering subsidy 100 per cent.”

The source stated that the subsidy issue made the NNPC to request loan from the Central Bank of Nigeria some years ago

The official said, “About two years ago or so, the corporation obtained approval from the President on the need to have a sort of a revolving loan from the CBN for servicing some of these subsidies, then the corporation will be making up as it generates enough.

“The committee set up to handle this was made of the NNPC, Ministry of Finance, the CBN, the FIRS, among others. This committee was able to generate enough revolving loan for the NNPC to service the subsidy then.”

When contacted on the matter and asked how the government intends to raise funds for FAAC, the media aide to the Finance Minister, Yunusa Abdullahi, simply replied, “You are jumping the gun. We are in April.”

Greenfield Varsity Student Narrates Narrow Escape From Being Kidnapped

0

… Say Bandits Would Have Kidnapped Us All

Some of the students of Greenfield University Kaduna, who escaped being kidnapped by bandits during an invasion of the institution on April 21, have said they would have all been kidnapped.

They made this known at the funeral of Dorathy Yohanna, who was abducted and later killed by the bandits.

Narrating the incident, a 200-level International Relations student, Jesse Jakiri, at the funeral, which held at the ECWA Goodnews Church, Narayi High Cost Kaduna, said: “We hid ourselves on top of the wardrobe of our hostel to avoid being kidnapped when the bandits stormed our school.”

He described the attack as traumatic for students and the university community, saying, “the bandits shot sporadically to the air and went from one room to the other in search of students to abduct.

According to him, “It was around 8:30pm, we were in the hostel when we heard gunshots. We then came out to see what was happening only for us to see our porter dragging door with the bandits.

“That was when they shot him on the leg, he left the door and they went inside and shot him on the chest.

We were there wondering what was happening, rushed into our rooms and locked the door and climbed the wardrobe to hide ourselves, about three of us.

“Meanwhile, there was this door that many students ran into, that was the one the bandits attacked, broke the door and picked some students.

“After the incident, we came out when we heard soldiers came in to our rescue. It was then we discovered that they broke into the girls’ hostel and went away with all the girls. They would have gone with all of us too.”

Also, Lemuel Adamu, 200 level student of Cyber Security, who also escaped the attack, said he and three of his friends had to hide inside the wardrobe for almost an hour before they came out.

“The bandits came knocking on our door and asked us to open the door but we maintained silence and hide inside the wardrobe, three of us. After some persistence, they went away,” he said.

The operation, according to him, lasted for about 45minutes to one hour before the military came and asked them to come out.

The bandits abducted 16 females and six males with demand of N800m ransom after the operation.

So far, five of the students have been killed by the bandits who threatened to kill more if ransom is not paid accordingly.

CBN Queries First Bank For Removing CEO Without Approval

0

The Central Bank of Nigeria (CBN) has queried the Board of the First Bank of Nigeria Plc for removing Dr Adesola Adeduntan, the Managing Director/Chief Executive Officer, without regulatory approval.

The query is contained in a letter dated April 28, 2021 signed by the CBN Director, Banking Supervision, Haruna Mustafa, and made available to newsmen in Abuja.

The letter was addressed to the bank’s chairperson, Ibukun Awosika.

According to Mustafa, the action was taken without due consultations with the regulatory authorities, especially given the systemic importance of the commercial bank.

He noted that the tenure of Adeduntan has yet to expire.

The statement read in bits :“The CBN was not made aware of any report from the board indicting the managing director of any wrongdoing or misconduct; there appears to be no apparent justification for the precipitate removal.

“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiration of his second tenure which is due on Dec. 31, 2021,” he added.

Mustafa noted that the removal of a sitting MD/CEO of a systemically important bank was not good.

He continued; “The removal of a sitting MD/CEO of a systemically important bank that has been under regulatory forbearance for five to six years without prior consultation and justifiable basis has dire implications for the bank and also portends significant risks to the stability of the financial system.

“In light of the foregoing, you are required to explain why disciplinary action should not be taken against the board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change in the media.

“In the meantime, you are directed to desist forthwith from making any further public/media comments on the matter. Your comprehensive response on the foregoing should reach the Director, Banking Supervision Department, on or before 5p.m. on April 29, 2021,” he said.

Recall that First Bank on Wednesday announced the appointment of Gbenga Shobo as the new Managing Director and Chief Executive Director.

Awosika said that the appointment was subject to all regulatory approvals.

She said that Shobo succeeds Adeduntan who would be leaving the bank in accordance with the bank’s term limit for its chief executive after successfully leading the bank since January 2016.

These decisions will take effect from today, April 28, 2021,” Awosika said.

“We are proud to announce Gbenga Shobo as our new Managing Director/Chief Executive Officer.

“His appointment has proven our resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy.

“Shobo has had a successful career in the bank and elsewhere culminating in his appointment as the deputy managing director in 2016 prior to his appointment as the managing director.

“The board is confident that Shobo has the experience and the understanding of the bank and the know-how to lead the bank through this next phase of growth, which is focused on positioning First Bank as the preeminent bank in our chosen market, delivering value to our stakeholders,” she added.

Awosika said that the bank also appointed Abdullahi Ibrahim as the Deputy Managing Director.

According to her, Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu were also appointed as executive directors.

She noted that these decisions were subject to all regulatory approvals.

Sexual Assault: 1200 Sign Petition Against Release Of Baba Ijesha

0

About 1,200 Nigerians have signed a petition making rounds on social media to for the release of popular Yoruba actor, Olarewaju Omiyinka, popularly known as Baba Ijesha for allegedly defiling a minor.

However, the target is for the Signees is to reach 1,500.

Recall that the actor was arrested last week, after he was reported by the teenager’s foster mother a comedienne, Princess that he molested the girl when she was seven years old.

When the actor was apprehended last Tuesday, the Police Public Relations Officer in the state, Muyiwa Adejobi, said there was substantial evidence against the actor as he was caught in the act on Closed Circuit Television.

The PPRO further stated that “Based on preliminary findings, the suspect started sexually assaulting the victim since she was seven years old. The suspect confessed to the crime and was also captured by a CCTV camera in the house of the complainant.”

However, in a twist of events, a senior police officer told our correspondent that the actor may be released on Friday. The source said due to the ongoing strike by members of the Judicial Staff Union of Nigeria, courts had ceased sitting and the suspect could not be detained indefinitely without trial.

The source also said investigation into the recent allegation against Omiyinka revealed that he did not defile the victim, saying, when she was questioned, the victim confirmed the same.

The petition, which is drafted by the Aunt Landa’s Bethel Foundation, on behalf of the teenager’s foster mother, Princess, has urged 1,500 Nigerians to sign against the release of the Yoruba actor, Baba Ijesha.

Dr Yolanda George-David, who signed the petition, said it is embarrassing to know the Nigeria Police Force is trying to grant the actor bail.

“We seek full justice for the young child. It is embarrassing to know Nigeria Police Force is trying to grant Olanrewaju James Omiyinka bail today at Panti Police station, Lagos state, Nigeria.

“I want to remind the Nigeria Police Force that Section 218 of the Criminal Code Act provides that any person who has unlawful carnal knowledge of a girl under the age of thirteen is guilty of a felony and is liable to imprisonment for life with or without caning. This law should be excise and thorough investigation is required with evidence already been submitted by the child guidance,” she wrote.

Narrating the incident that transpired between Baba Ijesha and her foster daughter, Princess said people, who were compassionate about her childlessness, entrusted the victim and five other children to her care, adding that after Omiyinka allegedly defiled the minor, she started behaving strangely.

She stated, “The child started failing in school, I paid for private lessons and when I told my family, they told me we should pray, maybe it is spiritual. But I kept on saying that something is wrong, this child has changed.

“My friend talked to the child again to know what was going on, she told us what happened, I was shocked… I called the CCTV company to set a camera, we asked everybody to go out and stay in a neighbour’s house, she (the victim) was afraid, we said she should calm down…

He came in and saw that there was nobody at home and I told him I want to see dstv people off and I will stay long…I dropped my phone, went out and locked the door. Two seconds later, he stood up, begin to check my whole house to be sure that none of the children were inside sleeping.

“I can’t begin to relay the things that he did, I was shaking because we were monitoring it on the phone. Police came immediately and picked him up, I asked him, Lanre, what is my offense? You know I didn’t give birth and the children were in my care so I won’t be thinking and you did something like this to me? He said it is the devil…”

Emefiele Sacks All First Bank Directors, Reinstates Adeduntan

0

The Central Bank of Nigeria (CBN) has sacked all the Directors of First Bank of Nigeria (FBN) Limited and First Bank of Nigeria (FBN) Holdings Plc.

Their sack was announced by the CBN Governor Mr. Godwin Emefiele on Thursday at a press conference over the purported ouster of the Bank’s Managing Director, Mr Adesola Adeduntan and appointment of Mr. Gbenga Shobo by the board on Wednesday.

While addressing journalists, the CBN Governor said the decision was taken to safeguard the financial system, following the crisis that greeted the purported changes at FBN.

Adeduntan, who was earlier sacked by the board, was however, reinstated by the apex bank.

Boko Haram: Shekau Appoints New ‘War Commander, Kills Predecessor, Two Others

0

The Boko Haram leader, Abubakar Shekau, has appointed Abu Muhammad as the new Amirul Jaysh “Commander of War, for the faction he is leading after killing the former Commander, Abu Fatimah.

Our correspondent gathered that Shekau personally shot and killed Abu Fatimah, last week, for allegedly betraying their terrorists’ sect.

A source disclosed that two other senior Commanders were also eliminated by the Shekau.

Following an internal dispute, Shekau killed Abu Fatima, one other Commander and Amirul Fi’ya, who is a son to a renowned Bama businessman, Alhaji Modu Katakauma,” the source revealed .

NDLEA Arrest Two Traffickers With N264m Worth Of Cocaine, 157.5kg Skunk In FCT, Kogi

0

Operatives of the National Drug Law Enforcement Agency, (NDLEA) in Abuja have arrested a trans-border trafficker, Emeka Okoro and another drug dealer, Ibrahim Bello in Abuja with cocaine weighing 1.1kilogramme, which has a street value of N264million.

The Director, Media and Advocacy, NDLEA, Femi Babafemi in statement made available to newsmen, stated that while Okoro was intercepted with 900grammes of cocaine in a commercial bus along Abuja-Gwagwalada road on Monday 26th April, 2021 based on intelligence, while Bello was nabbed with 200grammes of the illicit drug in Zuba area of the Federal Capital Territory, (FCT), same day through a controlled delivery operation.

According to the Commander, FCT Command of the Agency, Mohammed Malami Sokoto, Okoro was an intending traveller to Libya through Kano and Agadez in Niger Republic, with wraps of cocaine weighing 900 grammes while the other seizure of 200 grammes was equally made following intelligence on the 26th April, 2021.

“The wraps of cocaine were not to be swallowed as it has always been the case, but to be concealed in Jerry cans of palm oil and transported through the border in Kano to Agadez and Libya. The suspect, Emeka Okoro revealed that this has been the trend in the past months”, the FCT Commander of NDLEA disclosed.

In another development , the Kogi state Command of the Agency has intercepted and seized 157.5kilogrammes of skunk concealed in false panels in a Peugeot J5 bus with registration number Lagos AGL 641 XW while a 43-year-old suspect, Christian Godwin was arrested.

According to the Commander, Kogi state Command of the Agency, Adewunmi Alfred, the suspect and his consignment were intercepted at a patrol point in Lokoja, the state capital. “The skunk was sourced from Ikire in Osun state and heading to Masaka in Nasarawa state before our men arrested the suspect, seized the illicit drug and the vehicle used to convey it on Monday 26th April, 2021”, Alfred added.

In his reaction, Chairman/Chief Executive of NDLEA, Brig. General Mohamed Buba Marwa (Retd) commended officers and men of the FCT and Kogi state Commands of the Agency for their vigilance and commitment to the task of ridding the country of illicit drugs.

Saying, “These seizures and arrests in FCT and Kogi point to the fact that we’ll continue to disrupt and dismantle the drug supply networks of these unconscionable elements and deny them the benefit of their illegal trade”.

Niger State Communities Set To Pay Taxes , VATs To Bandits

0

…Negotiate With Bandits For Ceasefire

Following the incessant attack on communities ravaged by bandits in Shiroro Local Government Area of Niger State, the communities have negotiated with terrorists for a ceasefire

The agreement entered into by the the communities was to pay taxes and vats to the terrorists who have been attacking their villages.

Meanwhile, our correspondent has not been able to verify the information making rounds about payment of tax and VAT to terrorists in the affected communities.

However, a sources from the local government hinted that , the people started the negotiation with the terrorists, who have been attacking them, so as to have peace in the area.

A police source, who does not want his name on print said they got information that the terrorists asked villagers to pay tax to them.

Co-convener, Concerned Shiroro Youths, Sani Abubakar Yusuf Kokki, said all communities and villages in Gurmana and Manta districts of Shiroro local government have negotiated with the bandits.

“Virtually all communities and villages in Gurmana and Manta districts of Shiroro local government, Niger State have negotiated with terrorists for a ceasefire after reaching an agreement to certain amount of money among other conditions including purchasing of Honda Motorcycles for them.

“Also, some communities and villages in Bassa/Kukoki Ward have followed suit by agreeing to pay certain amount of money among others while the terrorists suspend their nefarious activities,” he said.

Newsfocusng learnt that some villages pay as much as N2million in addition to other demands of the group.

Some residents of the area, who lamented their plight in the hands of the terrorists, said they prefer paying their revenue to them if they would let them have peace rather than pay to a government that does not care about their security and welfare.

Niger State police command’s Public Relations Officer, DSP Wasiu Abiodun, could not be reached for confirmation as of the time of filing this report and his mobile telephone was switched off.

Hoodlums Attacks Checkpoint In A’Ibom , Shot Dead Two Policemen

0

Gunmen have again killed two Policemen manning a checkpoint at Urua Inyang, headquarters of Ika Local Government Area of Akwa Ibom state.

The armed hoodlums, according to a member of the community stormed the checkpoint with several motorcycles and shot the two officers dead, while others fled, leaving the hoodlums to seize their riffles and set patrol the van ablaze.

Confirming the attack, the Police Public Relations Officer, SP Odiko Macdon in a release made available to Newsfocusng in Uyo on Wednesday said “On 27/4/2021, at about 7:00pm, some armed men on Motorcycles, heading towards Ika Divisional Headquarters vicinity, armed with AK-47 and other dangerous weapons with the intent to attack the Division and set it ablaze  met stiff resistance as the Divisional Police Officer and other Officers on ground fought gallantly and repelled the attackers who took to their heels with possible bullet wounds.

The statement read in bits; “Unfortunately, before heading towards the Station to attack it, they ambushed and killed a Woman Police Corporal, one Esther Akpan who had just closed from duty and was on her way home in company of a Police Special Constabulary, one Isonuyo Effiong Paul and burnt the Volvo vehicle attached to the Division.

“The Commissioner of Police, who was at the Division for an on-the-spot assessment, condoled with the families of slained female Officer and the Special Constabulary.

“He commended the gallantry exhibited by the DPO and his Men and was also very appreciative of the role played by the Youths of IKA, while urging them to continue partnering the Police in crime fighting. He has however, launch a discreet investigation with the aim of bringing perpetrators of this heinous crime to justice”. 

This killing brought to five the number of Policemen killed in the line of duty in Akwa Ibom by unknown gunmen, while four others were declared missing in the recent times.

Two Inspectors were set ablaze and a leader of the Quick Response Squad (QRS), a Chief Superintendent of Police (CSP), was also shot dead while leading the squad to confront armed hoodlums in their base in Ikot Akpan in Essien Udim Local Government Area.

Again, I Herdsmen Hack Man, Wife To Death In Benue

0

Herdsmen have attacked and killed a man and his wife at Udei branch in Mbabai council ward of Guma Local Government Area (LGA) of Benue state.

The man, Igba Faga and his wife our correspondent gathered were hacked to death on their way home from their farm on Tuesday evening.

Recall that the State Governor Samuel Ortom on Tuesday said over 70 persons have lost their lives to herdsmen attacks in the last couple of weeks.

All the deaths were recorded in three Local Government Area (LGAs) of the state; Guma, Makurdi and Gwer-West LGAs.

While confirming the attack to newsmen on Wednesday, the Special Adviser on Security to Governor Samuel Ortom, Paul Hembah said the herdsmen had laid ambush on the man and hacked him to death on his way home.

He further explained that the couple who were on their motorcycle, enroute for home had died on the spot and their remains have been evacuated by their family member for onward burial.

Hembah who describe the attack as one attack too many, lamented that the incident took place less than 24 hours after herdsmen attacked the Internally Displaced Persons camp on Tuesday, where seven persons were killed.

The Police Public Relations Officer (PPRO), Sewuese Anene could not be reached for comments as at the time of filling this report