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Independence Day : Federal Government declares October 3 as Public holiday

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US Convicts 5 Nigerian Athletes For Money Laundering

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The Federal Government has declared Monday, October 3, as Public Holiday to mark Nigeria’s 56th Independence Anniversary.

This was contained in a statement signed by the Acting Permanent Secretary, Ministry of Interior, Alhaji Muhammadu Maccido and issued to Vanguard Thursday in Abuja. “The Minister of Interior, Lt Gen (rtd) Abdulrahman Bello Dambazau, while making the declaration on behalf of the Federal Government, congratulates Nigerians at home and abroad on the commemoration of this year’s independence anniversary and assures them that Government is working assiduously to put in place various palliative measures to cushion the effects of the current economic challenges. “The Minister enjoins all Nigerians to continue to support President Muhammadu Buhari in his avowed determination to build a strong, virile and united country in line with the dream of the country’s founding fathers”, the statement added.

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Insurance Operators Seek Review of 2024 NNPC Insurance Application, Outcomes

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*Insurance Operators Seek Review of 2024 NNPC Insurance Application, Outcomes

 

 

Insurance operators who participated in the bid for the 2024 insurance programme of the Nigerian National Petroleum Company Limited (NNPCL) have asked that an independent committee be set up to review the outcome of the work of the NNPC selection committee

The request was because of the alleged incompetence and non-transparency of the Risk Management and Insurance Unit in the selection process of the current insurance programme of the NNPC and the appointment of Zebra Insurance Brokers as the leader of the insurers on the Non-Oil Assets of the NNPC.

“We are suggesting that the bid submissions of selected known top 20 practitioners (including that of Zebra Insurance Brokers) in the industry be reviewed by an independent committee and the result made public” one of the insurance broker who complained about the process and the outcome stated.

Operators are grumbling about the outcome of the selection process for the current insurance programme of the oil company. They accused the Risk Management and Insurance department of the NNPC of under-table dealing and non-transparency in the selection of insurance companies for the NNPC insurance. .

They particularly complained about Margaret Aaron, the head of the NNPC insurance unit, and alleged that she has a record of doing deals since her days in NAPIMS (Now NUIMS) from where she was allegedly removed in 2020.

“While at NAPIMS Margaret supervised a divided department with herself leading a faction that was reporting to a factional General Manager, while her colleague (a manager) was in another faction reporting to another General Manager” they alleged.

“This is a woman who knows nothing about the rudiments of Insurance”, stated the broker who noted, “The earlier the NNPC Ltd professionalises its insurance operations, the better for its image, corporate governance and stakeholders”.

Some insurance brokers who spoke to our correspondents and preferred anonymity to avoid victimization by the NNPC queried the appointment of Zebra Insurance Brokers whom they said do not merit the appointment to lead the insurance of the Non-Asset of the Corporation.
“Zebra is not capable of scoring the cut-off mark set for the exercise. In the last 10 years of the NNPC insurance programme, Zebra Insurance has never made the list up to two times and, surprisingly, the same company emerged as leader above all the major players in the market. This is a clear manipulation and an affront to all meaningful practitioners in the market”.

They alleged that Zebra is a nefarious deal maker such as returning premium, rate-cutting and negotiating non-payment of claims to insureds after premium must have been paid.

They also said Zebra struck deals on how much to be refunded to the Head of Risk Management and Insurance and the Chief Non-Energy Investment Officer of NNPC Ltd.

Insurance Operators Seek Review of 2024 NNPC Insurance Application, Outcomes

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Correcting the Lies in Dr. Olisa Agbakoba’s Assertions By Kingsley Ariamaodo

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Correcting the Lies in Dr. Olisa Agbakoba’s Assertions By Kingsley Ariamaodo

Correcting the Lies in Dr. Olisa Agbakoba’s Assertions
By Kingsley Ariamaodo

 

 

Eminent lawyer and Senior Advocate of Nigeria, Dr. Olisa Agbakoba, has lately been calling for the repeal of the Petroleum Industry Act 2021 which is within his rights as a citizen. But in doing so, he has been making some assertions regarding the status and operations of the NNPC Ltd that are not quite true.

 

Correcting the Lies in Dr. Olisa Agbakoba’s Assertions
By Kingsley Ariamaodo

This is not an attempt to join issues with him. It is just to set the records straight, knowing that when falsehood is left unchallenged, it is accepted as the truth.
One of the key reasons he claims to be calling for the repeal of the PIA is that under it, NNPC Ltd is playing the roles of an operator and a regulator. When pressed to be specific on the regulatory roles being performed by the NNPC Ltd, he listed “fixing prices of petroleum products” and “acting as sole importer of petroleum products”.

 

 

 

The truth, however, is that the PIA does not have any provision that makes NNPC Ltd a regulator in the oil and gas industry. The PIA specifically provides for the establishment of two regulators in the industry. They are: The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
One of the objectives of the reforms that the PIA was designed to bring about was the scrapping of the dual roles of operator and regulator played by the NNPC as a government Corporation. Since the PIA came into force in 2021 and the consequent transition of NNPC into a limited liability company that operates under the Companies and Allied Matters Act in 2022, the Company has ceased to take on any regulatory role in strict compliance with the law.
Contrary to the learned Senior Advocate’s claim that NNPC Ltd fixes prices of petroleum products, the Company does not fix prices. In fact, no agency or entity unilaterally fixes prices of petroleum product as the PIA in Sections 205, 206 and 207 provides for a deregulated market which is currently in operation in the Downstream Sector. Under the deregulated market, every marketer is allowed to determine the price of its products as it deems fit, taking market forces into consideration. Based on this principle, NNPC Ltd through its Downstream subsidiary,

 

 

NNPC Retail Ltd, fixes the prices of its products. It does not fix prices for the entire market as other marketers are at liberty to set their own prices based on market realities. This is the reason NNPC Retail stations in Abuja sell Premium Motor Spirit (PMS) at N617 per litre while other marketers sell at various prices. Similar conditions prevail across the country with different marketers selling petroleum products at different prices. If the sector was still regulated, it would be the duty of the NMDPRA to fix prices and not NNPC Ltd as a player in the industry.

 

 

 

On the claim that NNPC Ltd is the sole importer of petroleum products, this is also not true. Other marketers import AGO and ATK (diesel and aviation fuel). The reason they are not able to engage in the importation of PMS has to do with foreign exchange issues. But the PIA, apparently envisaging situations like this, provides that NNPC Ltd should serve as a supplier of last resort to guarantee energy security. This is very explicit in Section 64 of the PIA. That is the reason NNPC Ltd is currently the sole importer of PMS (not all petroleum products), and that does not in any way make it a regulator.
NNPC Ltd has since moved on to assume its statutory role as a commercial operator in the entire value chain of the energy industry. It has further sealed its status as a commercial operator with declaration of ₦2.52 trillion and ₦674 billion profit after tax in 2021 and 2022 respectively.

 

 

We believe that even if other members of the public, out of ignorance, still see NNPC Ltd as a regulator based on its previous operations pre-PIA, it should not be a learned silk like Dr. Agbakoba who should be familiar with the law.

Mr. Ariamaodo, writes in from Abuja.

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Adron Is The Biggest: A Growing Initiative In Nigeria’s Real Estate Market

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Adron Is The Biggest: A Growing Initiative In Nigeria’s Real Estate Market

Adron Is The Biggest: A Growing Initiative In Nigeria’s Real Estate Market

 

Pioneering affordable housing solutions in Nigeria, Adron Homes and Properties remains a leading name in the real estate sector. Since its inception in 2012, Adron Homes has consistently redefined the real estate landscape, achieving significant milestones and breaking barriers that have set new benchmarks in the industry. Through its innovative approach, the company has become synonymous with quality, reliability, and customer satisfaction.

 

Adron Is The Biggest: A Growing Initiative In Nigeria’s Real Estate Market

Having built a strong foundation of exceptional service, the organization has not only achieved unparalleled growth but also made significant progress and created a reputable name for itself. This is evident in its groundbreaking estates and modern architectural designs imbibed by the real estate company. Adron Homes has transformed the concept of affordable housing, ensuring that quality is not compromised while making homeownership dreams a reality for many Nigerians.

 

 

With over 48 estates, strategically positioned in about 9 states with numerous locations across Nigeria, Adron Homes has upheld its 2024 mantra of being the biggest and hopes to set a record as the most successful real estate developer in Nigeria. These estates are designed with the residents’ comfort and convenience in mind, offering a range of amenities that cater to their needs. Each estate is a testament to the company’s dedication to creating sustainable and livable communities.

Fueled by hard work, with a commitment to excellence and innovation, the organization is well acquainted with the concept of quality and reliability. Adron Homes’ growth can be attributed to its unwavering dedication to maintaining high standards and constantly improving its offerings. The company’s focus on customer satisfaction has earned it a loyal clientele and numerous accolades in the real estate industry.

Through strategic initiatives such as their 10/10 Vidco plot series offer and a customer-centric approach, Adron Homes continues to expand its footprint across Nigeria, delivering services and products that exceed market expectations and set the pace for other real estate developers. The 10/10 Vidco plot series is an innovative scheme that allows customers to own plots of land with flexible payment options, making it easier for more people to invest in real estate.

Adron Homes understands the importance of accessibility and affordability in real estate. By offering flexible payment plans and various promotional offers, the company ensures that homeownership is within reach for a broader segment of the population. This inclusive approach has not only boosted Adron Homes’ market presence but also strengthened its reputation as a customer-friendly and socially responsible organization.
The “Adron Is The Biggest” initiative underscores the company’s dedication to pushing boundaries and setting new standards of excellence in real estate development. This initiative is not just a slogan; it represents Adron’s commitment to continuous improvement and innovation. By leveraging cutting-edge technology and adopting best practices, Adron Homes is redefining the real estate landscape in Nigeria.

The real estate company’s unwavering commitment to delivering superior developments and creating lasting value for all clients and stakeholders is evident in every project it undertakes. The company’s estates are designed with modern architectural aesthetics and functionality, ensuring that they meet the highest standards of quality and sustainability. Adron Homes invests in the latest construction technologies and materials, ensuring durability and efficiency in all its developments.

Adron Homes takes pride in offering a wide range of amenities that enhance the living experience of its residents. These amenities are designed to cater to various needs and preferences, making Adron estates desirable places to live. Here are some of the key amenities available in Adron Homes estates:
1.     Recreational Facilities: Modern gyms, swimming pools, and sports complexes for fitness and leisure activities. These facilities provide residents with opportunities to maintain an active and healthy lifestyle.
2.     Green Spaces: Beautifully landscaped gardens and parks that provide a serene environment for relaxation. These green spaces offer residents a peaceful retreat from the hustle and bustle of city life, promoting mental well-being and community bonding.
3.     Security: 24/7 security services, CCTV surveillance, and gated communities ensuring the safety of residents. Adron Homes prioritizes the safety and security of its residents, implementing robust security measures to create a secure living environment.
4.     Educational Institutions: Proximity to quality schools and educational centers. Adron estates are strategically located near reputable educational institutions, making them ideal for families with school-going children.
5.     Healthcare Facilities: Access to top-notch healthcare services and hospitals. Residents have peace of mind knowing that quality healthcare services are within reach in case of emergencies.
6.     Shopping Centers: Convenient shopping malls and retail outlets within the estates. These shopping centers provide residents with easy access to essential goods and services, enhancing their convenience and quality of life.
7.     Infrastructure: Well-paved roads, reliable electricity, and efficient water supply systems. Adron Homes ensures that its estates are equipped with the necessary infrastructure to support a comfortable and modern lifestyle.
8.     Community Centers: Spaces for social gatherings, events, and community activities. These centers foster a sense of community and belonging among residents, encouraging social interaction and engagement.

Moreso, Adron Homes has several upcoming projects that promise to redefine urban living and affordable housing spaces across Nigeria. One such project is the Snowfall Park and Gardens in Jos, Atlantic Park and Gardens in Sagamu, and Moscow Parks and Gardens in Ibadan which is set to become a landmark development in the respective regions. This project will feature state-of-the-art amenities and innovative design concepts, further solidifying Adron Homes’ position as a leader in the real estate industry.

Adron Homes’ expansion plans are driven by its vision of providing quality housing solutions to a larger population. By entering new markets and exploring untapped opportunities, the company aims to extend its reach and impact more lives. Adron Homes’ growth strategy is centered on sustainability and community development, ensuring that its projects contribute positively to the socio-economic landscape of Nigeria.

It is worthy to say, that Adron Homes and Properties has established itself as a formidable force in the Nigerian real estate sector. Through its commitment to excellence, innovation, and customer satisfaction, the company has achieved remarkable success and set new standards in the industry. The “Adron Is The Biggest” initiative is a testament to the company’s dedication to growth and excellence.

With a strong focus on quality, reliability, and community development, Adron Homes continues to lead the way in providing affordable and sustainable housing solutions. As the company embarks on new projects and expands its reach, it remains steadfast in its mission to create lasting value for its clients and stakeholders. Adron Homes is not just building houses; it is building communities, fostering growth, and shaping the future of real estate in Nigeria.

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