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NNPCL Fails To Remit $6.9 Billion, Swaps $7.1 Billion Worth Of Crude In One Year

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NNPCL Fails To Remit $6.9 Billion, Swaps $7.1 Billion Worth Of Crude In One Year

NNPCL Fails To Remit $6.9 Billion, Swaps $7.1 Billion Worth Of Crude In One Year

 

 

 

Nigerian National Petroleum Company Limited (NNPCL) failed to remit $6.923 billion and swapped about $7.108 billion of crude under its Direct Sale Direct Purchase (DSDP) scheme in 2021, despite borrowing spree of the Muhammadu Buhari administration, amid the dwindling oil sector revenue.

 

 

 

NNPCL Fails To Remit $6.9 Billion, Swaps $7.1 Billion Worth Of Crude In One Year

Also, outstanding taxes payable to Federal Inland Revenue Service as of July 31, 2023, was $13.591 million, while total outstanding federation revenue payable to Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as of December 31, 2022, was $8.251billion, with NNPCL and its exploration and production subsidiary accounting for over 70 percent of these liabilities.

 

 

 

The Nigerian Extractive Industry Transparency Initiative (NEITI) made the disclosure in its 2021 Oil & Gas Industry Report.

 

 

Coming despite trillions of naira recorded as Premium Motor Spirit (PMS) subsidy, some 47 other oil companies, equally, failed to pay $1.342 billion to the government.

 

 

 

The report covered the activities of over 69 companies. Twenty-two of these fell within the criteria for reconciliation, and their payments represented 95.65 percent of total payments by companies, which amounted to $11,332,792.48.

 

 

Deductions made by NNPCL from Domestic Crude Account before remittance to the federation in 2021, which stood at N751.11 billion ($1.94 billion), were not due for payment as of December 2021, even as N334.87 billion ($871.15 million) was outstanding liability as of December 2021.

 

 

 

The report said N1.20 trillion ($3.15 billion) was deducted against domestic sales proceeds as subsidy, while crude and product losses stood at N16.20 billion. Pipeline repairs and maintenance was N22.05 billion, while strategic stock holding was N6.15 billion.

 

 

 

NEITI called for thorough investigation of NNPCL and Nigerian Petroleum Development Company, adding that other companies should promptly pay outstanding liabilities, while respective government agencies should intensify efforts to recover debts.

 

 

 

NEITI insisted that the provision in Section 64 (m) of the Petroleum Industry Act (PIA) that makes NNPCL the supplier of last resort and that all associated costs should be borne by the federation, is capable of being misinterpreted, as it was during the old practice of deducting from revenue source.

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OgunEduCash: ‘Approve Payment of Our Funds’ — Contractor Begs Governor Abiodun

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OgunEduCash: ‘Approve Payment of Our Funds’ — Contractor Begs Governor Abiodun

 

…….Pleads to Governor Abiodun to approve payment of OgunEduCash contracts

 

Some of the contractors who were awarded thousands of textbooks by Ogun State Government in a bid to empower the secondary and primary schools under OgunEduCash initiative has begged Governor Prince Dapo Abiodun to approve the payment of their March, 2024.

Most of them secured loans from microfinance to execute the project with deadline of payment but they could not meet up due to the delay in payments of the expected funds from Ogun State Government Amebo Newspapers NG learnt.

According to one of them who pleased on anonymity, said he used his personal funds and borrowed money to produce notebooks and supplied to Ogun state government and when it was time to pay him the problems started.

 

This is to call the attention of Ogun State Governor, His Excellency Prince (Dr) Dapo Abiodun, MFR to an issue involving the State government and a couple of contractors who were awarded printing contracts since March (at exactly the time OgunEduCASH was introduced).

The contract was a mass production of 800, 000 exercise books which was expected to be delivered a week from the day the contract was awarded. It should be noted that the contract which was awarded through the office of the Secretary to the State Government was not committed with cash or any deposit but an agreement to pay contractor in a week after delivery.

Since the delivery day, Your Excellency, we have not gotten any response from the State government – for a job which has been delivered since March, 2024.

Your Excellency, sir, kindly use your good office to help investigate and resolve the matter sir.

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Tony Ojo’s Unique Gentlemen’s Club congratulates Edo State Gov-elect, Senator Monday Okpebholo

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Tony Ojo’s Unique Gentlemen’s Club congratulates Edo State Gov-elect, Senator Monday Okpebholo

 

 

Unique Gentlemen’s Club, a foremost rendezvous owned by Edo State political mobilizer, Tony Ojo has sent a congratulatory message to the state governor-elect, Senator Monday Okpebholo.

Okpebholo of the All Progressives Congress (APC) emerged winner of the state governorship election held on Saturday, 21 September, 2024.

In his statement, Ojo said “On behalf of the Staff and Management of Unique Gentlemen’s Club, I congratulate the Edo State governor-elect, Sen. Monday Okpebholo on his well deserved victory in the just concluded Edo State governorship election.”

The statement further reads: “Your resounding victory is a testament to the fact that you’re a man of the people, who is always willing to sacrifice and serve humanity.

“The people of Edo State, through their votes, have reiterated their unwavering confidence in your abilities. You’re no doubt a tested and trusted public servant.

“Dear Senator Okpebholo, as you embark on this new journey of renewed hope, and taking the people of Edo State to the promised land, we pray that the Almighty God will give you the strength, wisdom and knowledge to paddle the affairs of the state.

“Once again, we say a very big congratulations to every member of our great party, the All Progressives Congress (APC), the good people of Edo State and Nigerians at large.”

 

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Land Speculator’s Defiance: A Tale of Alleged Extortion, Intimidation and Police Complicity By Ifeoma Ikem

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Land Speculator’s Defiance: A Tale of Alleged Extortion, Intimidation and Police Complicity

By Ifeoma Ikem

A notorious land speculator in Lagos State, Saheed Mosadoluwa, alias “Ibile,” has declared war on the police, alleging widespread extortion and harassment. Mosadoluwa’s bold declaration has sparked a heated debate about police corruption and accountability in Nigeria.

At the center of the controversy is Mosadoluwa’s claim that police officers demanded N150 million as bribe from him, supposedly on behalf of Inspector General of Police Kayode Egbetokun, over a land dispute in Ibeju-Lekki.

He also alleges that police officers from Zone 2 Command, Onikan, Lagos, falsely accused him of kidnapping, gun running, and murder without inviting him to defend himself.

Mosadoluwa’s grievances were aired on social media platform Tiktok, where he vowed never to pay bribes again and challenged the police to produce a genuine warrant of arrest. “I will not pay you one kobo again since you people don’t have respect for the rule of law,” he stated.

However, police sources dispute Mosadoluwa’s claims, stating that he was declared wanted after failing to respond to invitations to answer allegations in a petition.

The police maintain that Mosadoluwa’s allegations are unfounded and aimed at deflecting attention from his own wrongdoing.

 

Land Speculator's Defiance: A Tale of Alleged Extortion, Intimidation and Police Complicity By Ifeoma Ikem

Further investigation reveals a history of violence and intimidation by Mosadoluwa, including a bloody encounter with the Oni-Orisan family, whose matriarch, Chief Mrs. Dupe Oni-Orisan Damazio, was kidnapped and manhandled over a land dispute.

Eyewitnesses and victims describe Mosadoluwa as a notorious land grabber, terrorising landowners and dispossessing them of their land. His alleged connections to top police officers have emboldened him, allowing him to boast that no one can stop him.

The police hierarchy has launched an investigation into Mosadoluwa’s claims of police involvement in the land scandal. As the probe continues, authorities are working to verify his allegations and address the situation.

The incident has sparked renewed calls for reform and accountability within the police force. Nigerians are demanding an end to corruption and extortion, which have become entrenched in the country’s law enforcement system.

As the standoff between Mosadoluwa and the police continues, one thing is clear: the people of Lagos will no longer tolerate impunity and corruption. The time for change has come.

 

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