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Recession: FG To Sell Refineries, NLNG Shares & Presidential Aircraft

Published

8 years ago

September 21, 2016

The Federal Government has concluded arrangements to sell the nation’s critical assets in order to raise $15 billion to rescue the country out of economic recession. Minister of Budget and National Planning, Senator Udoma Udo Udoma, disclosed this at a cabinet retreat hosted at the presidential villa, Abuja.

New Telegraph investigations revealed that some of the assets being considered for sale are government shares in Joint Venture Companies (JVCs) and the Nigeria Liquefied Natural Gas (NLNG).

The national assets to be sold include the four refineries in Kaduna, Wari, and Port Harcourt as well as some aircraft in the presidential fleet. Speaking at the just concluded cabinet retreat, Udoma in a document entitled “Turning a Crisis into an Opportunity: the Economy and the 2017 Budget,” obtained by New Telegraph yesterday, explained that the sale of government assets, Advance Payment for License renewals, infrastructure concessioning and use of recovered funds from corrupt officials were part of strategies put in place by government to bridge the huge funding gap. Our correspondent confirmed that the Presidential Air Fleet (PAF) contains 10 aircraft.

These are Boeing Business Jet (Boeing 737-800 or AirForce One), one Gulfstream 550, one Gulfstream V (Gulfstream 500), two Falcons 7X, one Hawker Sidley 4000, two AgustaWestland AW 139 helicopters and two Agusta Westland AW 101 helicopters. Each of the two Falcon 7X jets was purchased in 2010 by the Federal Government for $51.1 million, while the Gulfstream 550 costs $53.3 million.

The Federal Government, through the Nigerian National Petroleum Corporation (NNPC), owns 49 per cent shares in NLNG Limited while Shell Gas B.V. owns 25.6 per cent, Total LNG Nigeria Ltd owns 15 per cent and Eni International owns 10.4 per cent. In the four refineries in Warri, Port Harcourt and Kaduna, the Federal Government has 100 per cent stake, which is up for sale.

The government has, since 1999 when the country returned to democracy, expended N264 billion on maintenance of the four refineries. In spite of billions claimed to have been spent by the NNPC over the last 16 years on Turn Around Maintenance (TAM), the country’s refineries have remained in comatose.

The four refineries located in Port Harcourt (two), Warri and Kaduna have a combined capacity to refine 445,000 barrels of crude per day. The Senate yesterday threw its weight behind the Federal Government in the planned sales of the national assets. Senate President Bukola Saraki, at a plenary, urged President Muhammadu Buhari to sell some important national assets as part of efforts to boost the country’s dwindling foreign reserves.

According to Saraki, “The executive must raise capital from asset sales and other sources to shore up foreign reserves. This will calm investors, discourage currency speculation and stabilise the economy.

“The measures should include part sale of NLNG Holdings; reduction of government’s share in upstream oil joint venture operations; sale of government stake in financial institutions e.g. Africa Finance Corporation; and the privatization and concession of major/regional airports and refineries.”

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and Africa’s richest man, Aliko Dangote,have expressed support for the sale of the national assets.

Emefiele said the best option open to government is to sell the assets. “In the short run, we can sell assets… before the government came on board, I had opined that there was need for the government to scale down or sell off some of its investments in oil and gas, particularly in the NNPC and NLNG as at that time when the price of oil was around $50-$55 per barrel.

“We actually commissioned some consultants that conducted the study and, at the end of that study, we were told that if we sold 10% to 15% of our holding in the oil and gas sector, we could realise up to $40 billion,” the CBN governor said at the weekend.

At the weekend, Africa’s richest man, Aliko Dangote, specifically told the Federal Government to sell its stake in the NLNG, to beef up foreign reserves.

A communique issued at the end of the ministe-rial retreat indicate that the Budget and National Planning Minister had explained that “government was working hard to resolve the militant disruptions in the Niger Delta, and, in addition, a fiscal stimulus strategy was being developed involving, amongst other things, a plan to generate and inject large amount of funds, principally in foreign currency, estimated at $10 – $15 billion into the economy through Asset Sales, Advance Payment for License renewals, infrastructure.”

The Federal Government intends to achieve the sale of the assets through introduction of measures, including presidential orders that could fast track transaction processes. Buhari is expected to send to the leadership of the Senate soon an Emergency Economic Recovery Bill (EERB) that will take care of some of the challenges that are likely to thwart the sale process.

“Government was also planning to introduce measures for fast-tracking procedures so as to speed up the processes for getting these funds into the economy. Some of these will be achieved by Presidential Orders and Directives. “In addition, an Emergency Economic Recovery Bill is also being prepared for submission to the National Assembly to deal with those changes requiring legislation,” Udoma said.

The key resolutions, according to the communiqué issued at the end of the retreat and obtained yesterday by New Telegraph, are: (i) The programme of action for dealing with the recession and the current effort of government in developing an Economic Emergency Recovery Bill to address the situation, as well as the plan to bridge the funding gap was endorsed by participants; (ii) The need to prioritise capital spending in the 2017 budget in the area of infrastructure development, agriculture and social intervention; (iii) The retreat participants agreed on 2-3 quick-win areas to be implemented before the end of 2016 and six priority/ programme project areas for the 2017 Budget.

The quick wins agreed on are: (i) Immediate implementation of the social intervention programmes (School Feeding, N-Power; Science, Technology, Engineering and Mathematics (STEM) scheme; Conditional Cash Transfer (CCT), etc.; (ii) Effective communication of government projects, programmes and policies to the citizens will go a long way in mobilising support for government to succeed; (iii) Local debt repayment, including debt owed states and contractors to stimulate spending.

Meanwhile, government has confirmed that the 2016 Budget poor performance is reflective of the low revenue out-turns attributable to the global and domestic developments earlier highlighted.

“Oil revenues fell significantly in the second quarter compared to the first quarter as a result of increased oil pipeline vandalism and production shut-ins.

“Non-oil revenues also declined due to the acute shortage of foreign exchange,” Udoma said. The minister said that the failure to diversify the economy and implement the national goals due to lack of discipline in the past had made the country witness negative growth. Udoma said the major factor responsible for the recession was the overdependence of the economy on revenues from a single commodity, petroleum.

According to him, revenue source is not sustainable since the country doesn’t control the price of crude oil.

He said unsustainable structure was characterised by some indices, including “oil sector less than nine per cent of Gross Domestic Product (GDP), but about 80 per cent of government revenue and 95 per cent of Forex.” Other indices are “nonoil sector about 90 per cent of GDP (of which 52 per cent was indirectly dependent on oil) but less than 20 per cent of government revenue.

According to him, another index is declining capital expenditure with rising recurrent expenditure (2015 about 10 per cent capital) and import dependent consumption growth model with stagnant growth in investment to GDP.

New Telegraph

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Celebrating a Distinguished Patriot and Statesman: General Olu Bajowa @84

Published

11 hours ago

December 27, 2024

Sahara Weekly

Celebrating a Distinguished Patriot and Statesman: General Olu Bajowa @84

Today, we gather in spirit and gratitude to celebrate a man whose life epitomizes selfless service, courage, and unwavering dedication to the progress of our nation, Nigeria. At 84, General Olu Bajowa, OFR, CFR stands as a towering symbol of patriotism, leadership, and philanthropy.

General Bajowa’s influence transcends the military. He has consistently provided wise counsel and leadership in public service, contributing meaningfully to national development. His voice remains a beacon of reason and vision, advocating for policies that uplift the Nigerian people and preserve the nation’s unity.

Born to Lubokun Royal family, at Igbotako Osooro in Okitipupa Local Government Area of Ondo State, on 27th December 1940. Prince (Rtd) Major General (Dr) Sir Joseph Oluyemi Bajowa attended Anglican Elementary School, Igbotako, Manuwa Memorial Grammar School Iju-Odo, Okitipupa, Gboluji Anglican Grammar School, Ile-Oluji, Ondo. He finished his Secondary Education at Gboluji in 1959, and later attended Federal School of Science, Lagos 1960, for his “A” Levels. He worked as a civil Servant in the then Federal Ministry of Lands and Survey in Lagos and later as a 3rd Class Clerk in the Houses of Parliament, Lagos.

Professionally, General Olu Bajowa joined the Nigerian Army as a Cadet in training at the then Military College, now Nigerian Defence Academy Kaduna in September, 1960 and was commissioned as a 2nd Lieutenant at Mons Officer Cadet School, Aldershot, England in 1961. He was later attached to the British Army in the Rhine, Western Germany during the “Cold War”, after which he was posted to 4th Infantry Battalion of the Nigerian Army Ibadan in 1962 to start his Military Career.

He took part in the United Nations Peace keeping Operations in the Congo and the Nigerian Civil War. He climbed through the rungs of the Officer Corps to the rank of Major General and retired meritoriously from the Nigerian Army in 1980 at the age of 40 years.

Amongst the appointments held while in Military Service were Platoon Commander, Military Transport Officer, General Staff Officer Grade 111 and General Officer Grade 11 both at Army Headquarters, Ministry of Defence, Lagos, Company Commander, Brigade Major, Battalion Commander, General Staff Officer Grade 1 at 3rd Infantry Division Headquarters, Brigade Commander, Acting General Officer Commanding 3 Infantry Division of the Nigerian Army, Adjutant General of the Nigerian army, and Quarter-Master-General of the Nigerian Army both at Ministry of Defence, Lagos. He was also Commandant of the Armed Forces Command and Staff College. Jaji-Kaduna, (1978-1979).

Significantly, He was on active service in Western Germany with the British Army in 1961, during the “Cold War”. He served two tours in the United Nations Operation in Congo with 4 BN NA in 1962, at Kinshasha, and in 1963 at Leopoville (now Zaire) with 1st BN NA. He took active part in the Nigerian civil War. Infact he was the one as the Commanding Officer 11 BN NA at Iwo road Ibadan, Olusegun Obasanjo ordered to move his Battalion on 9th August 1976 from Ibadan to defend the Western Region Boarder at Ofusu/Owena River bridge, to prevent the incursion of the 101st Division of the Biafran Army during its advance to capture Ibadan and Lagos and occupy Western Region, after the fall of Benin City and Mid-Western Region, in a Biafran Army lighting operation of 101st Division of the Biafran Army. He held the Ofusu/Owena Bridge and fought in the legendry Ore Battle (“Ija Ore, Oleku”). He miraculously survived four (4) coups while in military service and three (3) coups after his recall from retirement, to serve the nation in different capacities, during the Military Interregnum.

On the Military-Political Front, he was a Military Member of the Executive Council of the then Western State of Nigeria, Military Member of the Executive Council and Acting Military Governor of the Southeastern State (now Cross River and Akwa Ibom States); and also Acting Military Governor of Rivers State (now Rivers and Bayelsa States).

After retirement from the Nigerian Army, he went into business, politics and later into academics. He enrolled into the University of Lagos in 1983, where he obtained Bachelor of Science Degree in Business Administration with Second Class Honours, Upper Division, (2.1) in 1988. He was awarded Doctor of Theology by the Theological Seminary, Durban, South Africa, in London, 2005, in affiliation with Trinity University and College, Delaware, USA and he has currently enrolled for Bachelor of Law Degree, University of London, England.

He was a Member of the Governing Council of Ondo State University (1981/1982) and in 1983 he was
appointed Chairman Rubber Research Institute of Nigeria. He was also appointed Managing Director and Chief Executive of Nigeria Airways Limited in January 1988. Sole Administrator of Nigeria Airways Limited in October same year and Managing Director and Member of the Presidential Task Force of Nigeria Airways Limited (1988-1989). He was later appointed as Special Assistant in the Presidency and Co-ordinator Movement of Seat of Government and Federal Ministries from Lagos to Abuja. He was appointed the Director-General/Permanent Secretary, Deputy Minister Ministry of Defence in 1990-1993 and Permanent Secretary, Federal ministry of Industry in 1993-1997, Permanent Secretary Federal Ministry of Science and Technology from 1997-1999, and Chairman of all related Companies and Parastatals of the Ministries.

His decorations include Medals of the United Nations Peace Keeping Operations in the Congo, The Nigerian civil war. Forces Meritorious Service Star (FSS) in 1983, and Officer of the Order of the Federal Republic of Nigeria (OFR), in recognition of his Military Service (1960 -1980), and gazette in 1998 for the honour of Commander of the Federal Republic of Nigeria (CFR), in recognition of his Federal Civil Service (1988 – 1999). He is a Distinguished Fellow of the Institute of Security Nigeria (dfisn).

In recognition of General Olu Bajowa’s contribution to the security and development of Ikale-Land, his people honoured him with the Chieftaincy titles of Jagunmolu of Ikale-Land and Ojagbulegun from The Source (Ayeka Kingdom), and Ajagungbade of Idepe-Okitipupa, Ondo State of Nigeria. He was a Member of the Board of Governors of International Foundation for Science (IFS) in Stockholm, Sweden, and also Genetic Engineering and Biotechnology (ICGEB) in Trieste, Italy, (1997-1999). He creditably concluded his tenure as the Chairman of Programmes and Budget Committee (PBC) of the United Nations Industrial Development Organisation (UNIDO) in Vienna, Austria, a post he held for one year (1997/1998).

He is a sports enthusiast, philanthropist and happily married with children. He is an author and had to his credits four (4) books, namely: Spring of a Life, Ikale, Soldier by Choice and Egbaiyelo (Legacy of a legend).

General Bajowa’s commitment to preserving Yoruba culture and heritage is equally commendable. As a proud custodian of tradition, he has tirelessly championed initiatives to celebrate and protect the rich cultural tapestry of his people.

As he celebrates this remarkable milestone, we reflect on a life well-lived—a life devoted to God, country, and humanity. At 84, General Olu Bajowa remains an icon of hope and inspiration, a symbol of resilience, and a beacon of wisdom.

On behalf of friends, family, and admirers across the globe, we wish General Olu Bajowa a happy 84th birthday. May your days be filled with continued joy, good health, and fulfillment. Your legacy shines brightly, and we are forever grateful for your immeasurable contributions to our nation and beyond.

DARE ADELEKAN

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Wilfred Ndidi Spreads Christmas Cheer to 2,000 Kids in Ajegunle, Lagos

Published

17 hours ago

December 27, 2024

Sahara Weekly

Wilfred Ndidi Spreads Christmas Cheer to 2,000 Kids in Ajegunle, Lagos

In a heartwarming gesture of generosity, Super Eagles and Leicester City midfielder Wilfred Ndidi on Thursday, December 26, brought immense joy to over 2,000 children in the bustling city of Ajegunle, Lagos. The festive spirit filled the air as the star athlete, alongside local dignitaries and notable figures, made Christmas unforgettable for the children in this vibrant community.

The grand event, held at the Maracana Sports Centre, was a collaborative effort between Ndidi, renowned businessman Yemi Idowu, Fatai Ayoola, the chairman of Ajeromi-Ifelodun Local Government Area, and the traditional ruler of Iwa and Apapa, Mohammed Amodu-Tijani. The Boxing Day children’s party became a major highlight of the Christmas season in Ajegunle, attracting widespread attention from locals and the media.

Despite currently sidelined due to a hamstring injury, Ndidi took the time to give back to the community in a deeply personal way. The 28-year-old midfielder was seen serving food to the excited children and distributing gifts, bringing smiles and happiness to everyone present. His presence at the event served as an uplifting reminder of the power of generosity and community spirit.

Speaking to the crowd, Ndidi explained that his own childhood experiences were a driving force behind the initiative. “I feel like it’s a festive period and these kids deserve something like this. It’s something they will have to remember and the memory sticks with them,” Ndidi said, his voice filled with sincerity.

He continued, “The happiness on the faces of the children can’t be explained. When you do something for adults, the emotions stay with them only, but when you do something for kids, the adults see it as well, so they also try to do the same. All we are trying to do is to create memories, and I’m happy to be doing this because some of us didn’t have this experience while growing up. I grew up in the barracks like most people know. This is not about football now. Schools are on break and this is a time to create memories, especially among kids.”

The event was not only about the celebration but also about fostering a sense of unity and shared joy. Yemi Idowu, CEO of Cana Sports, expressed his admiration for Ndidi’s involvement. “This is part of something we do every year to try and celebrate with the kids, especially because we are here in Ajegunle and they are friends. I am very happy to have the king, the chairman, and Wilfred to support us in doing this. It has a bigger impact when we all work together.”

The Ajeromi-Ifelodun Local Government Chairman, Fatai Ayoola, commended the collective effort to bring smiles to the faces of the children. He highlighted the meticulous organization that made the event a success, explaining, “What we have done is to first accredit them from the LGA secretariat and we drove the kids into this venue. We also made arrangements for those who would come unannounced at the Maracana Park, and they would equally be taken care of as much as those inside so we can have a perfect party. It’s a back-to-back celebration for the kids of Ajegunle, and we are elated to host Ndidi. This month alone, we have had three visitors who have given the kids befitting Christmas gifts. So, what we are doing is to make them happy in grand style.”

The event served as a beautiful reminder of the true essence of Christmas — bringing people together, spreading joy, and creating lasting memories. For the children of Ajegunle, it was a day filled with laughter, love, and unforgettable moments, thanks to the unwavering commitment of Wilfred Ndidi and his collaborators.

As the community continues to celebrate the season, the impact of Ndidi’s kind gesture will no doubt be felt for years to come, leaving an indelible mark on the hearts of those who were fortunate enough to be part of the festivities.

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Nollywood Star Omoborty Seals Her Love Story with a Stunning Legal Wedding

Published

18 hours ago

December 27, 2024

Sahara Weekly

Nollywood Star Biodun Okeowo, “Omoborty,” Officially Ties the Knot in Legal Ceremony

Nollywood actress and entrepreneur Biodun Okeowo, widely known as Omoborty, has officially tied the knot with her partner in a heartfelt legal ceremony. The event, which comes months after their traditional wedding, was held on a significant day for the actress—her birthday.

Omoborty took to Instagram to share the joyous news, posting stunning photos from the ceremony. The images captured the love and joy of the occasion, which marked a new chapter in her life.

“In the euphoria of my birthday, I’m thrilled to share the memories from one of the most beautiful days of my life. The day I legally said ‘yes’ to the man of my heart before God and man,” she wrote in her caption.

The actress emphasized that all necessary customs and protocols were observed, expressing pride in her journey to becoming “Mrs. Biodun Sofuyi.” Reflecting on the milestone, she added, “My first wedding, and by God’s grace, the last. Amen.”

Omoborty’s fans and colleagues have since flooded her social media pages with congratulatory messages and heartfelt well-wishes, celebrating her new status as a legally married woman.

The actress, known for her captivating performances and entrepreneurial spirit, continues to inspire with her authenticity and joy. With this union, she embarks on a fresh chapter filled with hope, love, and the blessings of a bright future.