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SERIOUS QUESTIONS TO BE ANSWERED BY DR MAIKANTI BARU, GROUP MANAGING DIRECTOR, NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC)

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The Group Managing Director of NNPC, Dr. Maikanti Baru should be made to answer certain questions on the issues surrounding contracts relating to the Nigerian National Petroleum Corporation, Minister of State for Petroleum Dr. Ibe Kachikwu’s allegations that presidential approval was sought and obtained in respect of these contracts sometimes in July, 2017. A logical inference that could be made from that line of response is that, President Buhari signed the Multibillion dollars contracts in question, when he was on his sick bed in London. This is because, we were all aware that President Buhari transmitted a letter to the National Assembly at that time for sick leave and making the Vice President, Prof. Yemi Osinbjo the Acting President.

So one wonders the possibility of the President signing those contracts not the president at that material time? Isn’t that unconstitutional? Does it mean that President Buhari never did hand over power to the Vice President in actual sense?

According to the leaked memo, Dr Kachikwu said;

The following major contracts were never reviewed by or discussed with me Board of NNPC:

The Crude Term contracts- value at over $10bn
The DSDP contracts- value over $5bn
The AKK pipeline contract- value approximately $3bn
Various financing allocation funding contracts with the NOCs – value over $3bn
Various NPDC production service contracts – value at over $3bn–$4bn

After Dr Baru has said Presidential approval was sought and obtained, in response to Dr Ibe Kachukwu’s allegations, Prof. Osinbajo subsequently was reported to have said the contracts were approved by him. Isn’t that an afterthought? Assuming but not conceding Prof Osinbajo did approve the contracts, I also dare to ask whether such contracts can be approved unilaterally without the NNPC Tender Board’s input or consideration. Was it also tabled before the FEC before such approval or they can be approved without recourse any Board or FEC?  These are questions left unanswered.

Further to the above, it could be observed further that, if any government can contradict itself this much like the present administration, then it shows how incompetent that government is. Few days ago, Dr Baru claimed the contracts of about $26Billion dollars were approved by the *President* and just the following day, Prof Osinbajo admitted approving such contracts as the Acting President when the President Buhari was away.

The first question that came to my mind was why ADMITTING if nothing went wrong in the first place? My contextual understanding of admission is when something went wrong and you concede to a fault.. But later yesterday, the Vice President released a press statement to the effect that what he approved were loans and not contracts. What does this tend to achieve?

Assuming but not conceding that he indeed approved loans and not contracts, who then approved the $26Billion contracts in question? But what was the vice president thinking when he admitted approving some contract? Was he misquoted by the media? If not, who then approved the said contracts? What is the value of the loans approved by the V.P? I am also aware that NNPC in his defence to Kachukwu allegations said that certain contracts have no specified or fixed values/amount as opposed to the Minister’s claims and allegations. What about those contracts? Who approved them? The Board? The President or Vice President while Acting?

What is more surprising over this issue is that fact that the presidency has disowned the existence of any $26Billion contracts let alone the approval. The question now is, was Dr Kachikwu not aware of the activities of NNPC when he listed those contracts? Moreover, he is the Board Chairman of NNPC. Can the Presidency know more about the affairs of NNPC than the Board Chairman and State Minister of Petroleum? Why hasn’t the GMD of NNPC responded on the non-existence of these contracts? At least the allegations were made against the GMD of NNPC not the presidency.  Why is it the defence coming from the Presidency? Are there certain things happening within NNPC and the Presidency over this matter that we do not need to know as citizen? As a matter of fact, there can be no smoke without fire.

There are still so many questions hovering around the integrity of Prof Osinbajo, President Buhari, and Dr Maikanti Baru on this matter. It is only these personalities that can exculpate themselves with logical and clear explanations. Then this government should do well in putting their thoughts together and ruminate over them before going to the press. The government must learn to clearly and unambiguously communicate their intention to Nigerians. More so, this administration is perceived a composition of technocrats.

I know our love for our President does not make us see anything wrong in his actions and that of his subordinates. But then, we shouldn’t allow the love to blur our sense of objectivity in addressing these issues that concern national integrity and treasury. You and I do have certain curiosities to be satisfied as tax payers.

 

Muhammed Ndakudu Adam

Lagos Based Human Rights and Constitutional Lawyer.

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

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Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

 

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

 

 

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

 

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

 

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

 

 

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

 

 

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

 

 

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

 

 

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

 

 

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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