Operatives of the EFCC had on February 3, 2017, stormed a building belonging to the former NNPC boss and recovered a staggering sum of $9,772,000 (Nine Million, Seven Hundred and Seventy Two Thousand United States Dollars) and £74,000 (Seventy Four Thousand Pound Sterling) stashed in a huge fire proof safe.
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Showing posts with label NNPC. Show all posts
Showing posts with label NNPC. Show all posts
Wednesday, 29 March 2017
Court Strikes Out Ex-NNPC Boss, Yakubu's Rights Suit
Justice Ahmed R. Mohammed of the Federal High Court, Abuja on Tuesday, March 28, 2017 struck out a fundamental rights suit brought against Economic and Financial Crimes Commission, EFCC, and the Attorney-General of the Federation, AGF, by Andrew Yakubu, a former Group Managing Director, GMD, Nigerian National Petroleum Corporation, NNPC.
Operatives of the EFCC had on February 3, 2017, stormed a building belonging to the former NNPC boss and recovered a staggering sum of $9,772,000 (Nine Million, Seven Hundred and Seventy Two Thousand United States Dollars) and £74,000 (Seventy Four Thousand Pound Sterling) stashed in a huge fire proof safe.
Operatives of the EFCC had on February 3, 2017, stormed a building belonging to the former NNPC boss and recovered a staggering sum of $9,772,000 (Nine Million, Seven Hundred and Seventy Two Thousand United States Dollars) and £74,000 (Seventy Four Thousand Pound Sterling) stashed in a huge fire proof safe.
Thursday, 16 March 2017
Ex GMD, NNPC, Andrew Yakubu Sent To Kuje Prison
Former GMD, NNPC, Andrew Yakubu who was arraigned today, March 16, 2017 before Justice A R Mohammed of the Federal High Court, sitting in Abuja, on a six count charge bordering on non disclosure of assets, money laundering and advance fee fraud has been remanded in Kuje Prison pending ruling on his bail application. He is to return to the court on March 21, 2017.
Details later.
Thursday, 9 March 2017
Yakubu’s Rights Enforcement Suit: EFCC Challenges Court’s Jurisdiction
The Economic and Financial Crimes Commission, EFCC, on Thursday, March 9, 2017 asked Justice Ahmed R. Mohammed of the Federal High Court to strike out a fundamental rights suit brought by Andrew Yakubu, former Group Managing Director, GMD, Nigerian National Petroleum Corporation, NNPC, against the Commission for lack of jurisdiction.
Operatives of the EFCC had on February 3, 2017, stormed a building belonging to the former NNPC boss and recovered a staggering sum of $9,772,000 (Nine Million, Seven Hundred and Seventy Two Thousand United States Dollars) and £74,000 (Seventy Four Thousand Pound Sterling) stashed in a huge fire proof safe following which he reported to the Commission’s Kano Zonal Office on February 8, 2017 and admitted being the owner of both the house and the money recovered.
Operatives of the EFCC had on February 3, 2017, stormed a building belonging to the former NNPC boss and recovered a staggering sum of $9,772,000 (Nine Million, Seven Hundred and Seventy Two Thousand United States Dollars) and £74,000 (Seventy Four Thousand Pound Sterling) stashed in a huge fire proof safe following which he reported to the Commission’s Kano Zonal Office on February 8, 2017 and admitted being the owner of both the house and the money recovered.
Thursday, 2 March 2017
Senate Declares Trillions Of Naira Stolen From Buhari’s Office
The President Bukola Saraki-led Senate, has said that the President Muhammadu Buhari-led Nigeria National Petroleum Corporation, NNPC, is unable to account for N5.1 trillion oil subsidy fund.
Recall, that Buhari is the Minister of Petroleum Resources, which has the NNPC as its agency.
The Senate, noted that during the subsidy regime, the country paid a total of N9.93 trillion as subsidy. Of this amount, the NNPC got N5.1 trillion, and Independent Marketers were paid N3.83 trillion.
The Upper Chamber has therefore, decided to launch an investigation, to find out how the corporation used this huge amount of money.
Recall, that Buhari is the Minister of Petroleum Resources, which has the NNPC as its agency.
The Senate, noted that during the subsidy regime, the country paid a total of N9.93 trillion as subsidy. Of this amount, the NNPC got N5.1 trillion, and Independent Marketers were paid N3.83 trillion.
The Upper Chamber has therefore, decided to launch an investigation, to find out how the corporation used this huge amount of money.
Tuesday, 14 February 2017
Federal High Court sitting in Kano Orders Forfeiture of Yakubu’s $9.8m to FG
A Federal High Court sitting in Kano presided over by Justice Zainab B. Abubakar today ordered the forfeiture of the sum of $9,772,00 (Nine Million, Seven Hundred and Seventy Two Thousand United States Dollars ) and £74,000 (Seventy Four Thousand Pound Sterling) recovered from a former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Andrew Yakubu to the Federal Government.
The order was sequel to an ex parte application by the EFCC seeking an interim forfeiture of the recovered money to the Federal Government.
The order was sequel to an ex parte application by the EFCC seeking an interim forfeiture of the recovered money to the Federal Government.
Saturday, 11 February 2017
EFCC Press Release: Magu Commends Officer who Recovered $9.8m from former NNPC GMD
…Says No Police Officer Recovered N42billion for FG.
Acting chairman of the Economic and Financial Crimes Commission EFCC Ibrahim Magu has commended Mr. Adamu Dan Musa, the Commission’s head of operations in Kano Zonal Office, who led a team that recovered over $9.8million from the residence of a former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Andrew Yakubu in Kaduna.
Acting chairman of the Economic and Financial Crimes Commission EFCC Ibrahim Magu has commended Mr. Adamu Dan Musa, the Commission’s head of operations in Kano Zonal Office, who led a team that recovered over $9.8million from the residence of a former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Andrew Yakubu in Kaduna.
He said the officer and his team demonstrated courage, professionalism and integrity in executing the raid that yielded the astounding discovery. He called on staff of the Commission to emulate the team as the EFCC is poised to take the fight against corruption to new heights.
Monday, 16 January 2017
PRESS RELEASE: Petroleum Products Loading Resumes at NNPC Depots Nationwide
Loading Activities have resumed in depots of the Nigerian National Petroleum Corporation, NNPC, nationwide. The resumption of activities at the depots across the nation followed the suspension of a strike action by the National Union of Petroleum and Natural Gas Workers, NUPENG.
The Corporation’s current petroleum products stock holding is robust at over 37 days PMS (petrol) sufficiency.
The Corporation noted that with the resumption in production of diesel and kerosene by the nation’s three refineries located in Port Harcourt, Kaduna and Warri, Nigerians can be rest assured that the seamless flow of petroleum products during the yuletide season would be sustained.
The Corporation’s current petroleum products stock holding is robust at over 37 days PMS (petrol) sufficiency.
The Corporation noted that with the resumption in production of diesel and kerosene by the nation’s three refineries located in Port Harcourt, Kaduna and Warri, Nigerians can be rest assured that the seamless flow of petroleum products during the yuletide season would be sustained.
Saturday, 14 January 2017
PRESS RELEASE: 50 Companies bid for NNPC’s Boat Supply Term Contract
A total of 50 companies recently submitted bids to partake in the provision of sea worthy Tug boats on charter time basis for the maritime operational requirements of the NNPC in Lagos, Warri and Port Harcourt.
The public bid opening event which was held at the Abuja Corporate Headquarters of the Corporation had in attendance representatives of the bidding companies with officials of the Bureau of Public Procurement, BPP, Department of Petroleum Resources, DPR, Nigerian Extractive Industries Transparency Initiative, NEITI, Nigerian Content Development and Monitoring Board, NCDMB, and some members of the civil society as observers.
Successful companies would be engaged on a two year term contract in the first instance with an option of renewal for a further one year.
The public bid opening event which was held at the Abuja Corporate Headquarters of the Corporation had in attendance representatives of the bidding companies with officials of the Bureau of Public Procurement, BPP, Department of Petroleum Resources, DPR, Nigerian Extractive Industries Transparency Initiative, NEITI, Nigerian Content Development and Monitoring Board, NCDMB, and some members of the civil society as observers.
Successful companies would be engaged on a two year term contract in the first instance with an option of renewal for a further one year.
Thursday, 5 January 2017
PRESS RELEASE: NNPC to Set Up Security Advisory Council to Tackle Pipeline Vandalism
The Nigerian National Petroleum Corporation (NNPC) has outlined plans to establish a security advisory council aimed at bringing a lasting solution to the perennial problem of pipeline vandalism and sundry security challenges bedeviling the oil and gas industry.
Speaking during a visit to NNPC by the management of Media Trust Limited, the Group Managing Director of NNPC, Dr. Maikanti Baru, said there was need to evolve new measures to bring an end to pipeline vandalism which is a major threat to the nation’s economy.
Dr Baru said the security advisory council would involve critical stakeholders which include security agencies, Niger Delta leaders, IOCs which would address all security and host community agitations.
“We want to passionately appeal to those behind indiscriminate acts of infrastructure vandalism to put an end forthwith to these despicable acts which are a great threat to the economy, the eco-system and energy security of the country,” Dr Baru stated.
Speaking during a visit to NNPC by the management of Media Trust Limited, the Group Managing Director of NNPC, Dr. Maikanti Baru, said there was need to evolve new measures to bring an end to pipeline vandalism which is a major threat to the nation’s economy.
Dr Baru said the security advisory council would involve critical stakeholders which include security agencies, Niger Delta leaders, IOCs which would address all security and host community agitations.
“We want to passionately appeal to those behind indiscriminate acts of infrastructure vandalism to put an end forthwith to these despicable acts which are a great threat to the economy, the eco-system and energy security of the country,” Dr Baru stated.
Wednesday, 14 December 2016
Bukola Saraki: My Leader, Our Leader Was Never Selfish But Patriotic
By Kayode Abdullahi
Senate President Bukola Saraki is a man of an impeccable character who derives joy in making his people happy with almost all he has. This, unarguably is an inherited trait from his dad, the late Oloyee whose humanitarian and financial generosity was compared to none in the whole black continent during his lifetime. So, if anybody claims Senate President Saraki is selfish now, that means the person is living with the thousands of fabricated lies by the members of opposition APC in the state to drag his personality through mud. Of course, some members within Kwara APC whose roots were traced to a Southwest leader of the party also play a bigger role in the calumnious campaign all in the name of rejuvenating their party with which they contested for governorship in Kwara and never won their polling units more than a decade ago. What a shame!
Without mincing words, Saraki has no other base than here. Kwara is indeed his major concern. This is a man who has injected projects that worth billions in the national budget for Kwara State. Unequivocally, if not for the financial crunch facing the nation that did not allow the full implementation of the 2016 budget, Kwara state would have witnessed unprecedented developments that would have positioned it into first class status in the global consideration. Yes I trust my leader! This is a man who, apart from making many Kwarans legislative aides and Staff of National Assembly and getting handsome salaried and allowances, since June 9 2016 when he ascended the seat of Senate Presidency, has also brought hundreds of federal jobs for mainly Kwarans. These jobs, the better jobs indeed which included NNPC, CBN, FIRS, PEF, NDIC and so on, were given to Kwarans. Obviously not Saraki's children. So how is he selfish?
Senate President Bukola Saraki is a man of an impeccable character who derives joy in making his people happy with almost all he has. This, unarguably is an inherited trait from his dad, the late Oloyee whose humanitarian and financial generosity was compared to none in the whole black continent during his lifetime. So, if anybody claims Senate President Saraki is selfish now, that means the person is living with the thousands of fabricated lies by the members of opposition APC in the state to drag his personality through mud. Of course, some members within Kwara APC whose roots were traced to a Southwest leader of the party also play a bigger role in the calumnious campaign all in the name of rejuvenating their party with which they contested for governorship in Kwara and never won their polling units more than a decade ago. What a shame!
Without mincing words, Saraki has no other base than here. Kwara is indeed his major concern. This is a man who has injected projects that worth billions in the national budget for Kwara State. Unequivocally, if not for the financial crunch facing the nation that did not allow the full implementation of the 2016 budget, Kwara state would have witnessed unprecedented developments that would have positioned it into first class status in the global consideration. Yes I trust my leader! This is a man who, apart from making many Kwarans legislative aides and Staff of National Assembly and getting handsome salaried and allowances, since June 9 2016 when he ascended the seat of Senate Presidency, has also brought hundreds of federal jobs for mainly Kwarans. These jobs, the better jobs indeed which included NNPC, CBN, FIRS, PEF, NDIC and so on, were given to Kwarans. Obviously not Saraki's children. So how is he selfish?
Tuesday, 6 December 2016
Senate Poised to Break PIB Jinx, Holds Public Hearing Tomorrow - Saraki
The Senate, will on Wednesday (December 7th, 2016) begin the public hearing on the Petroleum Industry Governance Bill (PIB), which passed second reading on Tuesday, November 1st, 2016.
The PIB governance legislation, which has been stalled in successive Assemblies, has reached its farthest stage in 16 years.
The Bill establishes the process for breaking the Nigerian National Petroleum Corporation (NNPC) into two commercial entities which will be limited by shares. The two entities will be known as the National Petroleum Company and the National Assets Management Company.
Once the PIB is passed and signed into law, Nigeria will have the necessary legislative framework that is needed to ensure the creation and sustainability of commercially-oriented and profit-driven entities that makes possible value addition and the internationalization of Nigeria’s petroleum industry.
The PIB governance legislation, which has been stalled in successive Assemblies, has reached its farthest stage in 16 years.
The Bill establishes the process for breaking the Nigerian National Petroleum Corporation (NNPC) into two commercial entities which will be limited by shares. The two entities will be known as the National Petroleum Company and the National Assets Management Company.
Once the PIB is passed and signed into law, Nigeria will have the necessary legislative framework that is needed to ensure the creation and sustainability of commercially-oriented and profit-driven entities that makes possible value addition and the internationalization of Nigeria’s petroleum industry.
Monday, 4 July 2016
STIGMATISING PRESIDENT BUHARI By Sola Adeyeye
This rehash of the prominent positions held by Muslims in Nigeria is mischievous and quite unfortunate. It is the typical Nigerian game of chasing needless shadows rather than focusing on the arduous task of nation building.
Until recently, so-called Christians held commanding heights of the economic governance of our Republic. The Presidency, Headship of National Assembly, Secretary of Govt of the Federation, Head of Service, Ministry of Works, Ministry of Finance, the Central Bank, the NNPC, the Stock Exchange etc were headed by so-called Christians. Tragically, they reprobately superintended the profligate looting of our common patrimony. The lone voice of courageous warning belonged to a certified Muslim, Sanusi Lamido, who succeeded Soludo and was hounded for his courage to expose the cult of looters comprising so-called Christians.
Until recently, so-called Christians held commanding heights of the economic governance of our Republic. The Presidency, Headship of National Assembly, Secretary of Govt of the Federation, Head of Service, Ministry of Works, Ministry of Finance, the Central Bank, the NNPC, the Stock Exchange etc were headed by so-called Christians. Tragically, they reprobately superintended the profligate looting of our common patrimony. The lone voice of courageous warning belonged to a certified Muslim, Sanusi Lamido, who succeeded Soludo and was hounded for his courage to expose the cult of looters comprising so-called Christians.
Niger Delta Avengers group claims five attacks in Delta state, Ijaw Youth Council Condemned renew attacks
“At 9:15p.m on Friday, the @NDAvengers blew up Nigerian National Petroleum Corporation (NNPC) crude oil trunk line to Warri Refinery.
“At 11:26 p.m on Saturday, @NDAvengers blew up two NPDC major crude trunk lines close to Batan flow station in Delta State.
“At 1:15 a.m on Sunday, @NDAvengers blew up two major Chevron oil wells – Well 7 and Well 8, close to Abiteye flow station in Delta State.
“All five operations were carried out by @ndavengers strike team. Well done, soldiers.”
YENAGOA - The Niger Delta Avengers, a militant group that has been carrying out attacks on Nigerian oil facilities in the past few months, claimed responsibility on Sunday for five new attacks in the southern energy hub since Friday.
The group had previously not laid claim to any attacks in the Niger Delta - the source of most of the OPEC member's oil - since June 16.
Petroleum Ministry sources said in late June that a month-long truce had been agreed with militants. But the Avengers said they did not "remember" agreeing to a ceasefire.
Former Minister of Petroleum, Diezani Alison- Madueke ally Jide Omokore arraigned by EFCC
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Omokore and Andrew Yakubu, a former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, are being arraigned by the EFCC before Justice Binta Nyako of the Federal High Court, Abuja on four counts of Money Laundering.
Friday, 27 May 2016
Niger Delta Avengers attacks NNPC facility, vows to “shock the whole world”
Niger Delta Avengers, the new militant group that has launched multiple attacks on oil and gas installations in the Niger Delta region, has struck yet again. The group announced its latest assault on Friday, saying it blew up a gas and crude trunk line belonging to the Nigerian National Petroleum Corporation, NNPC, in Warri, Delta State, late Thursday.
The Avengers announced the attack via its Twitter handle. The group said that the facility was “heavily guarded” by the Nigerian military, in an apparent attempt to mock the Nigerian armed forces’ capacity to check its activities.
“At 11:45pm on Thursday.@NDAvengers blew up other #NNPC Gas and Crude trunkline close to Warri. Pipeline that was heavily guarded by Military,” the group tweeted.
The spokesman for the joint military task force in the area, Isa Ado, could not be immediately reached for comments, but security sources and residents in the area confirmed the attack.
The Avengers announced the attack via its Twitter handle. The group said that the facility was “heavily guarded” by the Nigerian military, in an apparent attempt to mock the Nigerian armed forces’ capacity to check its activities.
“At 11:45pm on Thursday.@NDAvengers blew up other #NNPC Gas and Crude trunkline close to Warri. Pipeline that was heavily guarded by Military,” the group tweeted.
The spokesman for the joint military task force in the area, Isa Ado, could not be immediately reached for comments, but security sources and residents in the area confirmed the attack.
Saturday, 14 May 2016
#FuelSubsidy Response: 5 Glaring Lies In The Vice President
#1 Are Our Refineries Working Or Twerking
VP: “What happened is as follows: our local consumption of fuel is almost entirely imported.”
So what happened to the 3 functioning refineries? Or was it a lie? Reminder:
January 2016: NNPC spokesman Ohi Alegbe said the Port Harcourt, Warri and Kaduna refineries were producing a total of 6.76 million litres of gasoline per day, adding that this was projected to rise to more than 10 million litres per day by the end of January. Source: Reuters Africa
January 2016: NNPC spokesman Ohi Alegbe said the Port Harcourt, Warri and Kaduna refineries were producing a total of 6.76 million litres of gasoline per day, adding that this was projected to rise to more than 10 million litres per day by the end of January. Source: Reuters Africa
Thursday, 12 May 2016
Minister of State for Petroleum Resources Ibe Kachikwu says Petrol price’ll go down in six months
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said Nigerians will be amazed at what will become of the price of Premium Motor Spirit in the next six months.
The Federal Government had on Wednesday announced the removal of fuel subsidy, with a new petrol price band of N135 to N145 per litre, up from N86 and N86.50.
The development has been greeted with mixed reactions, with labour vowing to protest against it.
The Federal Government had on Wednesday announced the removal of fuel subsidy, with a new petrol price band of N135 to N145 per litre, up from N86 and N86.50.
The development has been greeted with mixed reactions, with labour vowing to protest against it.
FUEL SUBSIDY REMOVAL: TWELVE REASONS WHY DECISION IS RIGHT
01: Trillions of naira have been spent by successive administrations sustaining a corrupt, largely abused regime that has ended up in private pockets, creating overnight billionaires who continue to walk free.
02: Petrol subsidies over the years have caused supply disruptions and engendered inefficiencies in their management.
03: Under the current low oil price environment, dwindling oil revenue and shortage of foreign exchange, deregulation would partly reduce the pressure on the naira and foreign reserves
04: With deregulation, importers of petrol can source for their dollar requirements from autonomous sources, which would ease pressure on the naira and foreign reserves
02: Petrol subsidies over the years have caused supply disruptions and engendered inefficiencies in their management.
03: Under the current low oil price environment, dwindling oil revenue and shortage of foreign exchange, deregulation would partly reduce the pressure on the naira and foreign reserves
04: With deregulation, importers of petrol can source for their dollar requirements from autonomous sources, which would ease pressure on the naira and foreign reserves
Ministry of Petroleum Resources prepares #FACTSHEET that tries to answer all your questions on new petrol price in Nigeria
The Federal Ministry of Petroleum Resources has prepared a #FACTSHEET that tries to answer all your questions on the new price of petrol in Nigeria:
Top 13 Frequently Asked Questions (FAQs):
1.What is the benefit of the new price regime to Nigerians?
This government is elected to serve the people and provide benefits to all. The new pricing regime brings the following benefits:
Solves the recurrent fuel scarcity crisis by ensuring availability of products at all locations of the country
Reduce hoarding, smuggling and diversion substantially and stabilise price at the actual product price
Ensures market stability and Improves fuel supply situation through private sector participation
Creates Labour market stability (will potentially create additional 200,000 jobs through new investments in Refineries and Retails and prevent potential loss of nearly 400,000 jobs in existing investments)
2. Why the new price regime?
Top 13 Frequently Asked Questions (FAQs):
1.What is the benefit of the new price regime to Nigerians?
This government is elected to serve the people and provide benefits to all. The new pricing regime brings the following benefits:
Solves the recurrent fuel scarcity crisis by ensuring availability of products at all locations of the country
Reduce hoarding, smuggling and diversion substantially and stabilise price at the actual product price
Ensures market stability and Improves fuel supply situation through private sector participation
Creates Labour market stability (will potentially create additional 200,000 jobs through new investments in Refineries and Retails and prevent potential loss of nearly 400,000 jobs in existing investments)
2. Why the new price regime?
Wednesday, 11 May 2016
Fuel to sell for #145 per litre says FG: “We shall resist this increase” - NLC
The Nigerian Labour Congress on Wednesday said it would resist the federal government’s scrapping of fuel subsidy and increase of petrol price to about N145 per litre.
“The unilateral increase in prices of petroleum products today by government represents the height of insensitivity and impunity and shall be resisted by the Nigeria Labour Congress and its civil society allies,” the congress said, through a statement by its General Secretary, Peter Ozo-Eson.
The statement added, “With the imposition on the citizenry of criminal and unjustifiable electricity tariff and resultant darkness and other economic challenges brought on by the devaluation of the Naira and spiraling inflation, the least one had expected at this point in time was another policy measure that would further make life more miserable for the ordinary Nigerian
“The unilateral increase in prices of petroleum products today by government represents the height of insensitivity and impunity and shall be resisted by the Nigeria Labour Congress and its civil society allies,” the congress said, through a statement by its General Secretary, Peter Ozo-Eson.
The statement added, “With the imposition on the citizenry of criminal and unjustifiable electricity tariff and resultant darkness and other economic challenges brought on by the devaluation of the Naira and spiraling inflation, the least one had expected at this point in time was another policy measure that would further make life more miserable for the ordinary Nigerian
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