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Tinubu’s Energy Reforms Gets Boost As 120 Lawmakers Back NNPC, NMDPRA

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3 months ago

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Tinubu’s Energy Reforms Gets Boost As 120 Lawmakers Back NNPC, NMDPRA

 

 

 

 

 

 

Sahara Weekly Reports That The reforms being implemented by President Bola Tinubu in the oil and gas sector have been backed by 120 members of the National Assembly.

 

 

 Tinubu’s Energy Reforms Gets Boost As 120 Lawmakers Back NNPC, NMDPRA

 

 

The lawmakers in the House of Representatives are encouraging the Nigerian National Petroleum Company Limited (NNPCL) to continue to embark on measures that will boost the fortunes of Nigeria through the energy sector.

 

The lawmakers said this in a statement issued on Friday titled, ‘NNPCL: A Call For Caution.’

 

Some of the 120 lawmakers that are backing the reforms are Hon. lbori-Suenu Erhiatake, Hon. Martins Esin, Hon. Leko Jafaru Gambo, Hon. Amobi Godwin Ogah, Hon. Abdullahi M. Gwarzo, Hon. Danladi S. Aguye, Hon. Afuape Afolabi Moruf, and Hon. Aliyu Wakili Boya.

 

Others are Hon. Olaide L.M, Hon. Offiono Godwin, Hon. Akintunde Rotimi, Hon. Odimayo Okunjimi, Hon. Muhammad Isa Anka, Hon. Clement Jimbo, Hon. Yakubu A. Danmailiki, Hon. Oshun Moshood O, and Hon. Fayinka Oluwatoyin, among others.

 

The lawmaker under the umbrella body of ‘1 Agenda’ distanced themselves from a recent publication attributable to a member, which calls for the resignation of the Group Chief Executive Officer of the NNPCL, Mele Kyari and the Authority Chief Executive of the Nigerian Midestream and Downstream Petroleum Regulatory Authority (NMDPRA), Ahmed Farouk

 

They urged NNPC Ltd to continue to implement initiatives that would guarantee the country’s self-sufficiency in oil and gas production.

 

They recalled a recent publication attributable to a member, which called for the resignation of the GCEO of the NNPCL and the ACE of the NMDPRA and clarified that the statement reflects a personal opinion and not the position of the House of Representatives.

 

The ‘1 Agenda’ group of lawmakers said that the GCEO is entitled to a fair hearing, and the House has responsibly constituted a committee to investigate the activities of NNPCL.

 

This, they noted, is not only right but a constitutional entitlement, noting that any call for resignation at this stage is both unnecessary and premature.

 

The statement reads, “1 AGENDA has noted a recent publication attributable to a member, which calls for the resignation of the GCEO of the Nigerian National Petroleum Company Limited (NNPCL) and the ACE of the Nigerian Midestream and Downstream Petroleum Regulatory Authority (NMDPRA).

 

“We want to clarify that this statement reflects a personal opinion and not the position of the House of Representatives.

 

As members of 1 AGENDA, we wish to state the following unequivocally: The GCEO is entitled to a fair hearing, and the House has responsibly constituted a committee to investigate the activities of NNPCL This is not only right but a constitutional entitlement

 

“Therefore, any call for resignation at this stage is both unnecessary and premature. However, the NNPCL is encouraged to embark on measures that will boost its fortunes and guarantee the country’s self-sufficiency in oil and gas production.

 

“We urge the general public to disregard the publication in question and to support President Bola Anmed Tinubu’s efforts to reform the oil and gas sector for the benefit of all Nigerians.”

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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The Role of Certificate of Occupancy in Property Valuation Method in Nigeria by Dennis Isong

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21 hours ago

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November 17, 2024

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The Role of Certificate of Occupancy in Property Valuation Method in Nigeria by Dennis Isong

In Nigeria’s real estate landscape, property valuation serves as a crucial process that determines the worth of a property for various purposes, including buying, selling, and securing loans. One significant document that plays a pivotal role in this process is the Certificate of Occupancy (C of O). This legal document, issued by the state government, confirms an individual’s right to use and occupy land for a specified period.
Understanding the interplay between the C of O and property valuation is essential for investors, developers, and homeowners alike, as it can significantly influence market perceptions and property prices.
Understanding the Certificate of Occupancy
The Certificate of Occupancy is a legal document that signifies ownership and the right to occupy land. In Nigeria, land ownership is primarily governed by statutory laws, customary laws, and the Land Use Act of 1978, which mandates that all land in urban areas is owned by the government. Thus, the issuance of a C of O is necessary to establish a legal claim over any parcel of land.
Obtaining a C of O is a comprehensive process that involves several steps, including land survey, payment of necessary fees, and completion of relevant documentation. Once issued, the C of O provides security to the landowner by guaranteeing their rights against unlawful eviction or encroachment. This security is a significant factor in property valuation. Properties with a valid C of O are generally seen as more valuable and less risky compared to those without, as the certificate signifies legal recognition and ownership rights.
C of O and Market Perception
The presence of a C of O can significantly influence market perception and the demand for a property. Properties with a valid Certificate of Occupancy are typically viewed as more desirable by potential buyers and investors. This perception stems from the legal security that a C of O provides. Buyers are more likely to invest in properties with a C of O because they have assurance that their rights are protected, and the likelihood of disputes regarding ownership is minimized.
Moreover, lenders and financial institutions often require a C of O before approving loans for property purchases or developments. A valid C of O enhances the credibility of the property, making it easier for buyers to secure financing. This accessibility to finance, in turn, can lead to increased property demand, thereby driving up its valuation. Conversely, properties lacking a C of O may be perceived as risky investments, resulting in lower valuations and reduced buyer interest. Thus, the C of O serves as a critical indicator of a property’s reliability and marketability.
C of O in the Property Valuation Process
In the property valuation process, a valuer considers various factors to determine the value of a property. These factors typically include location, size, condition, and comparable sales in the area. However, the existence of a C of O is often a prominent consideration. During the valuation process, valuers will assess the C of O to ascertain the legal standing of the property. A valid C of O not only confirms ownership but also indicates compliance with local land use regulations, zoning laws, and building codes.
Valuers may also take into account the duration of the C of O. In Nigeria, a C of O is usually granted for 99 years, and this long tenure can positively influence a property’s valuation. The security provided by a long-term C of O assures potential buyers of their rights over the property for an extended period, making it a more attractive investment. Conversely, properties without a C of O, or those with expired or disputed certificates, may be valued lower due to the inherent risks associated with such properties.
Furthermore, a C of O can impact future development potential, which is a crucial aspect of property valuation. Properties with a valid C of O are more likely to receive the necessary approvals for development or alteration, while those without may face legal hurdles. This potential for development can enhance the property’s value, as it indicates future income generation possibilities. Consequently, valuers consider the C of O as a critical factor that influences the overall worth of the property in the market.
Challenges and Implications of C of O in Property Valuation
Despite its importance, the C of O is not without challenges. The process of obtaining a C of O can be lengthy and complex, leading to delays in property transactions. In some cases, disputes over land ownership can arise, particularly in areas where customary land tenure systems are prevalent. These disputes can complicate the valuation process, as properties with contentious C of Os may be difficult to sell and consequently valued lower.
Additionally, the presence of a C of O does not automatically guarantee a problem-free investment. Factors such as environmental issues, development restrictions, or changes in land use policies can affect property value. Valuers must therefore conduct thorough due diligence, considering not only the existence of a C of O but also any associated risks or liabilities.
In conclusion, the Certificate of Occupancy plays a crucial role in property valuation methods in Nigeria. As a legal document that signifies ownership and security, it significantly influences market perception and property demand. Valuers must consider the C of O when assessing a property’s value, as it reflects the legal standing and development potential of the land. However, challenges associated with the C of O, such as ownership disputes and regulatory complexities, must also be navigated to ensure accurate valuations. For stakeholders in the Nigerian real estate market, understanding the importance of the C of O is vital for making informed investment decisions and maximizing property value.
Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

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From Ankara to Amala: Owambe Party unveils Christmas Edition for party lovers in Lagos

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1 day ago

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November 16, 2024

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“From Ankara to Amala: Owambe Party unveils Christmas Edition for party lovers in Lagos

 

Imagine a night where Aso Ebi slays meet twinkling lights, where the beats of Afrobeat and Highlife are spiced with electrifying performances ready to get your hips moving.

Get ready for the biggest and most unbeatable vibes at the 2024 Owambe party happening on the 15th of December 2024! at Amore gardens, Lekki phase1 proudly brought to you by Spotlight by Mmakamba.

The Owambe Party Christmas edition promises a night filled with vibrant entertainment, music, food and jaw dropping fashion with electrifying performances from award winning artists and celebrity DJs that will keep you dancing all night long!

This season’s ultimate turn-up is happening, and you’re invited to soak in the magic of Unbeatable Owambe Party vibes with all the flair and flavor you can handle.

Expect unlimited mouth-watering Jollof rice, smoky suya, and small chops paired with the finest palm wine and cocktails, because no party experience can match the Owambe Party.

Mark your calendars, save the date! December 15th will be a masterpiece!

For inquiries and reservation, follow us on Instagram: @SpotlightByMmakamba and @TheOwambeParty.

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Appeal Court Removes MC Oluomo, Reinstate Baruwa

Published

1 day ago

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November 16, 2024

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Appeal Court Removes MC Olumo, Reinstate Baruwa

Appeal Court Removes MC Oluomo, Reinstate Baruwa

 

 

The Appeal Court in Abuja has announced Alhaji Tajudeen Ibikunle Baruwa as the lawful President of the National Union of Road Transport Workers (NURTW).

Appeal Court Removes MC Olumo, Reinstate Baruwa

It can be recalled that Musiliu Ayinde Akinsanya, popularly known as MC Oluomo, was days ago inaugurated as NURTW president.

The recent decision came after the court reviewed and upheld an earlier ruling by the National Industrial Court.

The initial judgment, delivered on March 11, 2024, recognized Baruwa as the rightful president of the union. However, an appeal was filed by Alhaji Najeem Usman Yasin, Alhaji Tajudeen Agbede, and their supporters. They argued against the Industrial Court’s decision but were unsuccessful in convincing the appellate court.

A three-member panel of justices, Hamma Akawu Barka, Nnamdi Dimgba, and Asmau Ojuolape Akanbi, ruled that the appeal lacked merit. The court declared Baruwa as the elected leader of NURTW and dismissed the challenge brought forward by MC Oluomo’s faction.

In addition to confirming Baruwa’s position, the Appeal Court ordered the appellants, who are supporters of MC Oluomo, to pay N100,000 as damages to the respondents.

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