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PDP faults Buhari, demands immediate suspension of NNPC GMD, Baru over Kachukwu’s allegations

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The Peoples Democratic Party has expressed outrage at “the loud silence of President Muhammadu Buhari on the humongous corruption scandal” rocking the Nigerian National Petroleum Corporation and called for the immediate suspension of its Group Managing Director, Maikanti Baru.

The party said the scandal involving “two of the president’s henchmen”, the Minister of State for Petroleum, Ibe Kachikwu, and Mr. Baru shows the bias of President Buhari’s anti-corruption war.

In a statement on Thursday by its spokesperson, Dayo Adeyeye, PDP said it expected the president to have reacted and also prove himself as a corruption fighter by allowing one of his own to be investigated.

President Buhari is yet to speak on the allegations of abuse of contract process at the NNPC, although he is scheduled to meet Mr. Kachikwu on Friday at the State House.

The minister, in an August 30 letter to the president, had said Mr. Baru circumvented extant procurement regulations in awarding a series of contracts up to $25 billion, or N9 trillion at prevailing exchange rate of N360 to a dollar, warning of grave consequences the decisions could wreak if allowed to stand.

The letter appeared on the Internet on Tuesday, but no one has claimed credits for its leakage.

Speaking on the scandal, the PDP commended the Senate for indicating interest in the case and setting up a committee to investigate the allegations levelled by Mr. Kachikwu against the NNPC Chief.

“As a political party, we expect that the President, who prides himself as an indefatigable corruption fighter, would for once try to live above board, by genuinely allowing one of his own, accused of corruption, get properly investigated and prosecuted as a show of his impartiality in the war against corruption,” the party stated

 

“He should do this to correct the open impression Nigerians have about his so called anti-corruption war; that it’s just a tool of persecution of perceived enemies.

“We view the allegations levelled against Baru by Kachikwu as too grave to be swept under the carpet and we insist that the NNPC GMD must be treated like an accused who should not have the opportunity to influence investigation into his alleged misdeeds.

“In this light, we demand an immediate suspension of the NNPC GMD so that proper investigation can be carried out by the relevant anti-corruption agencies.

“Ordinarily if there was sincerity in the anti-corruption war, President Muhammadu Buhari should not have waited for any prompting before he takes a decisive action on this matter. But as customary with his administration, we suspect that he’s trying to shield Baru as he did for Babachir Lawal, the Secretary to the Government of the Federation (SGF) whom he merely suspended to allow the hullabaloo generated by the fraud perpetrated in the management of the emergency fund for the IDPs, die down. Also up till now we have never heard anything again about the millions of dollars and billions of naira discovered at an Ikoyi apartment.”

“Nigerians have not forgotten the acts of illegality and double standard perpetrated by the president in refusing to hand over Babachir Lawal to the EFCC for proper investigation and possible prosecution for graft, but rather, preferring to give the task of investigation of the open sleaze to the Vice President, in a move not known to any law of this nation.

“Even at that, the report of the Vice President Yemi Osinbajo-led committee is gathering dust on the shelf of the President because he probably could not bear to see one of his closest allies punished by the laws of the land, even when all facts show that blatant and unbridled theft was perpetrated by the president’s man.

“The sum involved in the NNPC scandal is $25 Billion. Less than 10% per cent of that ($2 billion) is involved in the so-called arms fund allegedly converted by the former NSA for which hundreds of Nigerians have been arrested and hounded.

“Nigerians can now see the hypocrisy in the so called anti-corruption fight. We may as well say that the privileged class of APC members enjoys total immunity from the anti-corruption campaign.”

“Tired of this double-faced corruptions fight and cover ups, we demand an immediate commencement of investigation into this latest exposed sleaze by another of President Buhari’s men.

“We have been saying this for months that the looting of the nation’s resources under this administration is record setting in the history of this nation and we are being proven right on daily basis by the little revelations that are being made by even those working under the administration.

“We wonder what the stench will be when the real and hidden atrocities being perpetrated under the watch of President Buhari are finally exposed when Nigerians throw the APC government out of power in 2019.

 

“The sum of $25 Billion said to have been the subject of the latest controversy, when converted to Naira is about N9 trillion, a sum that is bigger than the nation’s annual budget.

“This we find, is one of the very many reasons, the nation’s economy has nosedived under the inept administration of the APC.”

“The allegations raised by the Minister of State for Petroleum Resources is a confirmation of our earlier stance that the APC administration is in tatters, an administration without coordination, but one planted firmly in the hands of a few cabal who are stealing the nation dry while the President continues to feign ignorance of the sickening stench.

“If not, how on earth can President Muhammadu Buhari justify a situation where a minister he appointed to serve under him, presiding over an important sector like the oil sector be turned to a mere house-help who must get clearance from some “outsiders ” before accessing the president?

“How on earth will a mere MD of a corporation have the temerity to sideline a minister under whom he works and take decisions without consultation with the appropriate authority. How on earth could the NNPC GMD have been bold enough to sideline the entire board of NNPC and take such far reaching decisions that have grave implications on the nation’s economy alone?

“We suspect and our suspicion is reinforced by the unfolding events that powerful people at the corridors of power are tacitly involved in this. If the President’s powerful Chief of Staff, Abba Kyari, could sit on the NNPC board and such a calamity is taking place without an eyelid being blinked, we are forced to believe that the stealing is being done to the advantage of the president who has shown by his body language that the only thing that matter most to him for now, is his second term ambition.

“Will it be considered a “hate speech” if we say the money being stolen by President Buhari’s men are being kept aside into a special pool for the prosecution of his second term ambition?

“We challenge the president to prove us wrong by allowing his allies being caught up in acts of brazen stealing of our commonwealth, get punished in accordance with the laws of the land. Anything aside this, we will take as confirmation of our suspicion that the rottenness is from the very top.”

“We demand as bonafide Nigerians, an express order from President Muhammadu Buhari to the NNPC GMD asking him to go on compulsory leave so that investigation into the matter at stake can be conducted without interference.

“We also demand an order from the President to the Economic and Financial Crimes Commission (EFCC) and other anti-graft agencies to immediately commence investigation into all issues of corruption levelled against Baru, as well as other persons who might have overtly or covertly participated in the illegal act.

“Much as we commend the National Assembly for indicating interest in probing the allegations against the NNPC GMD as approved in the adoption of the motion moved by Senator Samuel Anyanwu at the Wednesday plenary, we wish to appeal to the leadership of the Senate to prevail on the Ad-hoc committee set up for the purpose of the investigation, to make their sitting open to all Nigerians so that nothing will be surreptitiously swept under the carpet.

The PDP said it supports the drive to eliminate corruption from the workings of the Nigerian government, “but hold firmly to our stance that the APC Government under president Buhari must lead and live by example.”

The party said there should be “no soft landing to corruption, corrupt members of the APC government, and to double standard in the fight against corruption.”

 

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Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

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*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

 

 

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

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ATMs empty as banks ration withdrawals

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ATMs empty as banks ration withdrawals

ATMs empty as banks ration withdrawals

 

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

“It is what CBN has given us that we are using. We are confined within the limits of what is available to us. Also, because we are a big operation, we have to deal with many other businesses.

“Have you also noticed that there is a boom in the PoS business? Those people don’t take their money to the banks. The money comes out of the banks and it stays within their circle. They warehouse their funds, unlike you and I who would withdraw money and spend it which will eventually find itself back into the formal banking system. It is not the same with them. They warehouse their funds and distribute it among themselves.”

According to data from the CBN, currency outside the banks hit N4.02tn in September from N3.86tn in August. This brings it closer to the value of currency in circulation which stood at N4.31tn in September.

Meanwhile, some PoS operators on Lagos Island have increased their charges from N200 for cash of N10,000 to N300.

This was observed at both the CMS bus stop and at Obalende. However, off Lagos Island, the rates had remained at N200 for cash withdrawal of N10,000.

It was further gathered that banks have begun cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

Findings by The PUNCH showed that the development is gradually leading to cash shortage, as many ATMs were non-functional, leaving customers with no choice but to seek alternative means of withdrawing cash.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

 

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.

 

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NNPCL Makes New Leadership Appointments

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NNPCL Makes New Leadership Appointments

NNPCL Makes New Leadership Appointments

 

The Board of Directors of Nigerian National Petroleum Company Limited (NNPCL) has just made fresh leadership appointments.

A communication by Olufemi Soneye, Chief Corporate Communications Officer of the nation’s oil company, announcing the development reads…

The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes
reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

The following key appointments have been made:
1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.
2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.
3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Limited
November 13, 2024S

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