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NNPC Has No Secret Account — Kyari

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The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari says the corporation has no secret accounts that breaches the Treasury Single Account (TSA) .

Kyari disclosed this when he received the Chairman and members of the special Presidential Investigative Panel for the Recovery of Public Property in Abuja on Monday

In a statement issued by Mr Ndu Ughamadu, the spokesman for the corporation, he said that the NNPC had nothing to hide as it stood to gain a lot by being transparent in all areas of its operation.

He reiterated that NNPC had no secret account, adding “there is no single account NNPC is operating that is unknown to the Federal Government.

” Any account(s) outside the TSA platform are partner accounts which we have obtained due approvals from the government,’’ he noted.

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Kyari, who observed that all monies belonging to the corporation were domiciled with the Central Bank of Nigeria (CBN), added that the Corporation’s account managers remained the CBN and the Accountant-General of the Federation.

On the lease renewal fees on Oil Mining Leases (OMLs) 67, 68, and 70 by ExxonMobil, Kyari said the company paid 600 million dollars which was their equity contribution of 40 per cent of the Joint Venture Agreement.

According to him, NNPC is to pay the remaining 60 per cent but it unnecessary as it is representing the government.

“Ordinarily, NNPC would have contributed the balance of 60 per cent of the amount which literally meant government paying monies to itself. There was no need for that,” Kyari said.

Shedding more light on the alleged non-remittances of taxes and royalties by the Nigerian Petroleum Development Company (NPDC), NNPC’s upstream arm, the GMD said there were outstanding payments which arose as a result of the pillage that occurred before 2015.

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He, however, assured the Panel that the present administration had made concerted efforts to reconcile every payment due to the Federation on taxes and royalties.

“The only outstanding payment is the 600 million and we have a pre-payment plan with the Department of Petroleum Resources (DPR) such that by mid-2020, we will have money left to be paid,” he noted.

On alleged non-remittances by some oil companies operating in the country, Kyari said it was the responsibility of the Federal Inland Revenue Service (FIRS) and DPR to collect taxes and royalties from oil companies, including those on Joint Venture (JV) and Production Sharing Contract (PSC) arrangement.

He further noted that the NNPC would provide the necessary support to the agencies concerned in that regard though it had no legal obligation to do so.

“As an enabler organisation, we will support them because we see our roles beyond our immediate responsibility,” he said.

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While affirming the Corporation’s commitment to transparency and accountability, Kyari said the Corporation was one of the most accountable public institutions in the country,

‘’This is the only company that publishes its operations and financial reports monthly. I am not aware of any company that does that in the world.

“Every member of our Management shares the vision of Mr President that Government’s institutions must be accountable to all Nigerians.

“We know that we will gain more by being more transparent. We have nothing to hide,” Kyari told the Panel.

Speaking earlier, the Chairman of the Presidential Panel, Chief Okoi Obono- Obla said their visit was to seek synergy with the NNPC toward reforming the country and particularly to clear the air on issues relating to the operations of the Corporation.

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He expressed the Panel’s satisfaction with NNPC’s “frank and honest responses on the issues raised, describing the Corporation as a very important and transparent national institution with a GMD who had a track record of accountability and transparency in his public career.

“The GMD has a reputation of being an apostle of accountability and transparency. I feel very happy that somebody like him is coming out to clarify the key issues.

Nigerians have been misled, it behoves on every organisation to tell Nigerians the truth to engender transparency in the entire polity,” he said.

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inDrive Emerges Most Outstanding Brand in Urban Service

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inDrive, a global mobility and urban services platform, has emerged the most outstanding brand in urban service in Nigeria at the maiden edition of Iconic Brands and Legends of Media and Marketing Communications Award held in Lagos on Tuesday, December 10, 2024.

inDrive was recognized and celebrated for its transparency, fairness, and affordability in intercity travel and logistics among ride-hailing platforms in Nigeria.

Speaking on the award, Timothy Oladimeji, Country Representative, Nigeria, inDrive, described it as a testament to the ride-hailing platform’s unique contribution and commitment to providing fair and accessible transportation options to its customers.

Oladimeji stated that the award highlights the company’s focus on safety, fairness, affordability, and satisfaction, thereby cementing its reputation as the go-to ride-hailing service in Nigeria.

He noted that the achievement underscores the company’s dedication to delivering the best ride-hailing and logistic experience for customers while continually pushing the envelope for innovation. He explained that the mobility platform remains a game-changer in the ride-hailing business in Nigeria as it empowers both drivers and passengers through its negotiation model.

“This recognition is a huge motivation that would help us expand our footprint and continue to provide exceptional services to all our customers. I can categorically say that the recognition validates the acceptability and rapid adoption of our platform by both drivers and passengers in Nigeria,” he said.

Speaking on the recognition and criteria, the lead convener of the award, Samuel Ajayi, said the award was truly deserving, given that the platform has provided unique, fair, and affordable services to all its users.

Ajayi emphasised the significance of acknowledging the brand’s achievements in Nigeria over the last few years adding that the company has shown exceptional performance by all parameters and standards.

“inDrive has really thrown its weight since joining other ride-hailing platforms in Nigeria. I am happy to say that inDrive has disrupted the Nigerian market with its unique offerings, which has endeared many users to the platform. From our findings, I can say that the brand remains the preferred platform given that it is the only one that provides safe, fair, efficient, and affordable transportation,” he said.

Since launching in Nigeria, inDrive has cemented its status as a market leader through its commitment to enhancing urban mobility and consistently delivering superior customer service.

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Electricity: Nigeria set to add 150 megawatts by year-end – Adelabu

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Adebayo Adelabu

The Minister of Power, Adebayo Adelabu, has disclosed that the country is on track to add an additional 150 megawatts of electricity to its national grid before the end of the year, following the successful completion of the pilot phase of the Presidential Power Initiative (PPI).

He made the disclosure to State House Correspondents after a closed door meeting with President Bola Tinubu and President of the Federal Republic of Germany, Frank-Walter Steinmeier at the Presidential Villa, Abuja.

Giving insights into what transpired at the meeting, Adelabu, explained that the initiative, which is being implemented in collaboration with Siemens, aims to enhance Nigeria’s electricity supply through a series of strategic projects.

“We believe that before the end of the year, an additional 150 megawatts will be added upon completion of the entire pilot phase.”

Minister of Power outlined significant advancements in the country’s energy sector, emphasizing the crucial role of international collaboration, particularly with Germany.

“We have a bilateral relationship with the Republic of Germany that focuses on energy and electricity support,” the minister stated. “The name of the game now is about cooperation, collaboration, and partnership.” He highlighted the Siemens project as a flagship component of this relationship, aimed at implementing both Brownfield and Greenfield transmission substations under the PPI.

He noted that since signing the agreement in December 2023 during COP 28 in Dubai, Nigeria has made substantial progress. “We have completed the pilot phase of this project up to 80%,” he noted. This phase includes the importation and installation of 10 power transformers and 10 mobile substations, with eight already commissioned.

“The positive impact of this is that it has added nothing less than 750 megawatts to our transmission grid capacity,” he explained, attributing the current stability in electricity supply to this achievement.

He said the next phase will involve rehabilitating 14 existing substations and establishing 23 new ones across Nigeria.

“The entire grid is quite fragile and dilapidated,” he lamented. “We need to revamp it to ensure stability going forward.” He reiterated that these efforts are essential for transforming Nigeria’s energy landscape, aligning with President Bola Tinubu’s Renewed Hope Agenda.

In addition to addressing immediate power needs, Adelabu emphasised Nigeria’s commitment to renewable energy as part of its long-term strategy. “We have an energy transition plan to achieve net-zero emissions by 2060,” he said.

He pointed out that Germany’s expertise in renewable technologies aligns perfectly with Nigeria’s abundant natural resources. “Germany has technology; we have the sun and wind,” he added, highlighting that over 30 states in Nigeria enjoy a minimum of 10 hours of sunshine daily.

The minister also discussed plans for off-grid solutions, advocating for a distributed power model where each state would have its own generating plants. “This model will shield states from problems on the national grid and ensure rural electrification,” he explained.

Germany’s involvement extends beyond traditional energy sources; it includes significant investments in green energy projects.

The Minister of Power reaffirmed his commitment to advancing policies that enhance energy access and sustainability across the nation. “Together with our partners, we can build a robust energy infrastructure that supports economic growth and improves quality of life for all Nigerians,” he declared.

The German Consul General in Lagos, Weert Borner, recently announced that Germany has added 670 megawatts to Nigeria’s grid capacity in 2024 alone through their ongoing partnership. “This partnership is vital for improving electricity access for final consumers,” Borner remarked during an interview.

Additionally, Nigeria is set to benefit from Germany’s ambitious €4 billion investment in green energy projects across Africa by 2030.

 

DailySun

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Sanwo-Olu reaffirms commitment to empowerment, poverty alleviation

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Lagos State Governor, Babajide Sanwo-Olu, has reaffirmed his administration’s commitment to initiatives that foster inclusivity, economic empowerment, and poverty reduction.

He made this pledge during the 2024 Micro Enterprise Support Initiative (MESI) for vulnerable and indigent residents, organised by the Ministry of Women Affairs and Poverty Alleviation (WAPA) in Agidingbi, Ikeja, on Wednesday.

At the event, approximately 1,500 residents were provided with various empowerment tools, including sewing and stoning machines, pepper grinders, hairdryers, barbing kits, cake mixers, welding machines, tiles-cutting machines, and more.

Governor Sanwo-Olu emphasized that this initiative exemplifies his administration’s dedication to creating a Greater Lagos, where every resident has the opportunity to thrive and contribute to collective progress.

The governor explained that the MESI programme extends beyond offering financial aid to residents. He stressed that it focuses on building a foundation for self-reliance, driving economic growth, and unlocking the potential of women.

“It ensures that every woman, regardless of background or circumstance, has access to the tools and resources needed to transform her life, community, and Lagos State,” he stated.

Governor Sanwo-Olu further highlighted the importance of skill acquisition, capacity building, and financial empowerment, stating that the government is working towards a future where poverty is eradicated, and prosperity becomes a reality. He encouraged the programme’s beneficiaries to use the tools and resources wisely to grow their businesses, enhance their livelihoods, and inspire others in their communities.

“Remember, this programme is just the beginning. Your success will contribute to the larger success of Lagos State,” he added.

Also speaking at the event, the Commissioner for Women Affairs and Poverty Alleviation, Cecilia Bolaji-Dada, described the initiative as a beacon of hope for aspiring entrepreneurs in Lagos. She commended Governor Sanwo-Olu for his steadfast support of Lagos communities and for making the Micro Enterprise Support Initiative possible.

Bolaji-Dada detailed the variety of tools distributed, which were selected to meet the diverse needs of entrepreneurs. These included stoning machines, pepper grinders, sewing machines, hairdryers, barbing kits (including clippers, sterilizers, and generators), standing facial steamers, aluminum cutting machines, two-phase burners (with 30-inch cooking pots and 12.5kg cylinders), cake mixers, welding machines, agricultural items (fertilizers, knapsacks, and seeds), and cash grants.

“These tools are not just instruments of trade, but instruments of transformation, designed to help you grow your businesses and uplift your communities,” the commissioner said.

She urged beneficiaries to fully embrace the opportunities before them and work diligently toward realizing their entrepreneurial goals.

 

DailySun

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