Thursday, June 20, 2024

“NNPC LIMITED $3 BILLION LOAN WITHOUT CONCRETE INDUSTRIAL PRODUCTION WOULD FRITTER AWAY: TIME FOR PUBLIC PROBE OF NNPCL” – NATIONAL OBSERVATORY

NATIONAL OBSERVATORY

 

PRESS STATEMENT

 

“NNPC LIMITED $3 BILLION LOAN WITHOUT CONCRETE INDUSTRIAL PRODUCTION WOULD FRITTER AWAY: TIME FOR PUBLIC PROBE OF NNPCL” – NATIONAL OBSERVATORY

The recent procurement of a Three (3) Billion Dollars ‘Emergency Crude Repayment Loan from the Cairo, Egypt-based, global financial shark, African Export-Import Bank (Afrexim Bank) by the Nigeria National Petroleum Corporation Limited, ostensibly to shore up support for the national currency and stabilise our Foreign Exchange Market exposes deep gaps in our corporate governance system and values. It calls into fore, dire necessity for overhaul of our political idiosyncrasies, imperatives for a paradigm shift socio-economic orientations and policy thrusts.

If we as a collective are suffering from induced drowse as a result of high dosage of a peculiar amnesia drug, we should be fully conscious that erstwhile Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele is having his days in the court answering for various accusations bordering on economic sabotage, while the CBN is carrying out forensic audit of the fiducial recklessness during the pendency of his helmsmanship of the apex bank. Most of the infractions which Emefiele is being investigated, are committed with active complacence if not complicit of these global financial institutions’ players. For instance, PMB gave a similar loan to shore up the Naira against Dollars without following due process, no approval by requisite bodies, without the knowledge of the Federal Executive Council, National Economic Council, or the National Assembly. This NNPC Ltd $3 Billion loan from Afrexim is gotten in the same ways and manners that CBN under Emefiele conducted its affairs – with utter disrespect to the constitution, disdain for the nation’s sovereignty and arrogant dis-interestedness in the plights of pulverised Nigerian citizens. The question on the lips of all sane Nigerians, is what is a private limited liability company, NNPCL doing getting a loan from a sovereign State? Is the NNPC Limited now the Central Bank of Nigeria?This loan does not just usurp the duties of the Central Bank, it is also conducted in veil of conspiratorial secrecy. A vexatiously notorious trait of the NNPC labyrinth.

All Nigerians, including CSOs, investigative journalists, and independent investigations are challenged to pierce the veil, expose the promoters, profiteers, and beneficiaries of the ubiquitous NNPC. The Corporation is derelicting in its corporate responsibilities to run a thriving business enterprise generating much needed foreign exchange revenues for the country, none of the four refineries in its profile produces a drop of Premium Motor Spirit (Petrol) for the country.

PUBLIC SCRUTINY OF NNPC OPERATIONS

All registered corporate firms submit annual audited accounts to their Annual General Meeting, AGM for thorough scrutiny and approvals. This is what Institutional and Public Probes are designed to achieve in public or quasi-public corporations like the NNPCL. Since the 1956 discovery of Crude Oil in Olobiri, Ogbia Local Government Area of Bayelsa State, it has become what has been generally tagged as the “Blessing/Curse” of the nation. This is mainly due to lack of transparency, accountability, and probity in the management of the resources.

The realities slapping us in the face as a nation is that the NNPC has been grossly unable, really incapacitated, to deliver palpable gains to Nigerians in recent time. It has become a burden, a scandalous hive for sharp practices, oil bunkering feeding armed militancy, feathering nests of reprobate, greedy elites, fuel subsidy scammers and all sorts of shady deals in favour of global financial institutions, transnational corporations but at the detriment of our national polity and suffering masses. We make bold to assert that NNPC-Afrexim $3 Billion Loan is nothing but a continuation of this gang-raping spree of our collective patrimony. It must be probed.

The Nigeria National Petroleum Corporation, NNPC was established in April 1977, a merger of the National Oil Company and the Federal Ministry of Petroleum and Energy. It has since been the main source of revenue for the Federal Government but riddled with redolent sleaze and scammers’ schemes. It presently has about Three Thousand and Five Hundred (3,500) workforce that draws billions of Naira annual salaries and bogus entitlements yet refining no single drop of fuel for the nation as four refineries of the seventh (7th) Oil producing nations are not functioning. The vicious exploitation of crude oil in the Niger Delta has led to devastating environmental pollution and degradation of the region. This has accentuated the clarion calls for resource control, beginning with the agitation of the Ijaw nationalist minority rights campaigner, Isaac Jasper Adaka Boro, environmental rights activists, Kenule Saro-Wiwa, who was judicially murdered, and a host of Niger Delta resource control, armed militia and activists. Let us not forget that the intents to control the crude oil base of the control played critical role in the nation’s three years civil war.

The NNPC Limited was announced to the public with fanfare in July 2022 with Mele Kyale as the Group Managing Director. Its first significant notable activity is this Afrexim $3 Billion Loan. It is rather ludicrous that the said loan is not granted to kick start a new plan for petroleum production, it is not to address the moribund refineries, it is for financial speculations and round tripping – shore up Naira against Dollars! What exactly are the interests of the Grantors and Grantees of this loan? Neither in the interest of the people nor that of the nation!

The nation is groaning under the yoke imposed by cabals operating with covers of the NNPC as Petroleum Marketer, scamming the country of Billions of Naira as Fuel Subsidy. The same Independent Marketers who are merely surrogates of the NNPC Mafia have been holding the nation by the jugular with threats of enlisting new hike regime in the prices of petroleum products. Despite President Bola Ahmed Tinubu’s good attention, expression of empathies on the agonising hardships Nigerians are experiencing, and assurance of dividends from the transformations by his economic policy reforms, the panacea opted for by Mele Kyari led NNPC Ltd is further piling phantom debt burdens on the nation.

As late, revered statesman, Chief Obafemi Awolowo warned on foreign loans and debts, “ ….. a nation that goes borrowing, goes sorrowing”.  Kyari-led NNPC Ltd and the $3 Billion Afrexim Loan would compound Nigeria economic woes and crisis. We need urgent Public Debate and Probe of this questionable NNPCL-Afrexim Emergency Crude Repayment Loan now.

 

LOANS AND GRANTS WITHOUT PRODUCTIVITY IS FRAUD

Despite the huge human and material resources, natural mineral endowments of Nigeria, we are still a sprawling nation that is starving amidst plenty. Nigeria is the richest country in Africa having the highest GDP. We are not blessed with only crude oil, we have several untapped solid mineral deposits that are daily illegally scavenged by foreign corporations, financial institutions and proteges of governments. Our problem is never lack of resources or talents but leadership disabilities and lack of patriotic foresights. If we harness our abundant resources to increase our material productive base, there are adequate potentials for us to be co-drivers of global, industrial advancement.

Our ill-preparedness to address productivity is the bane of development of our national economy. National economy is equal to natural resources plus productivity, eliminating waste and corruption. Productivity begins with getting citizens economically engaged. The current price of petrol is not that high at N600 – N700 per litre considering relative international oil price.

The downward slides of the Naira will not be halted by voodoo economy of Foreign Exchange trading. It can only be checked by enhanced national productivity outputs. Subsidy Removal is not responsible for making Nigerians poorer. It is the failure of productivity.

We must stop the triumphant blaze of the dollarisation of our economy and subsisting de-industrialisation processes if we are committed to sustainable growth, development, and prosperity. If we take a cursory look back at history, we will find out that the exchange rate in 1980 was 80 Kobo to $1. Try and remember the number of manufacturing companies in those days, the products, goods and services we actually manufactured and exported. Now, we should critically interrogate how many of those companies or products exist today?

The answers should not blow in the winds. The task of re-fanning the embers of our national productivity index is our viable path out of contemporary economic wilderness. We have to discard the allurements of poisonous, phantom loans.

Signed :-

 

Debo Adeniran

President

 

Omotaje Olawale Saint

Administrative Secretary

OPEN LETTER: N180BN PALLIATIVES: CACOL CALLS FOR JUDICIOUS DISBURSEMENT

His Excellency,

Bola Ahmed Tinubu, GCFR

President and Commander-In-Chief of the Armed Forces

Aso Rock Villa, 3 Arms Zone

Garki – Abuja

Federal Republic of Nigeria

 

 

Your Excellency,

 

N180BN PALLIATIVES: CACOL CALLS FOR JUDICIOUS DISBURSEMENT

 

For some days now, Nigerians have been facing the reality of the fuel subsidy removal. The removal of the subsidy on fuel in Nigeria has led to rising inflation and reduced economic welfare, hurt economic growth and reduces household income, and makes firms less competitive. There is confusion everywhere, and people are coming to terms with this reality.

 

However, the pressure this exerts on Nigeria’s fragile socio-political and economic conditions is enormous and gradually heading to a tipping point. Social media are awash with harrowing videos of people’s reactions in various parts of Nigeria, and they all point to the pervading rage, frustration, and hardship people are going through.

 

To this end, we at The Centre for Anti-Corruption and Open Leadership, CACOL, would like to commend your administration for approving the sum of one hundred and eighty billion naira (N180bn) as palliatives for the 36 states of the federation.

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N180BN PALLIATIVES: CACOL CALLS FOR JUDICIOUS DISBURSEMENT

The Centre for Anti-Corruption and Open Leadership, CACOL, has commended the federal government for approving the sum of one hundred and eighty billion naira (N180bn) as palliatives for the 36 states of the federation.

 

In a release issued by the organization’s Director of Administration and Programmes, Tola Oresanwo on behalf of Mr. Debo Adeniran, CACOL’s Chairman, he noted, “It would be recalled that Governor Babagana Zulum of Borno State shortly after the National Economic Council (NEC) meeting disclosed that the sum of N5bn which will be given to each state was to enable the state governments to procure 100,000 bags of rice, 40,000 bags of maize and fertilizers to cushion the effect of food shortage across the country. In addition to the fund, Zulum said the Federal Government also released five trucks of rice each to the 36 state governors.

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GODWIN EMEFIELE SHOULD BE ACCORDED STATUS OF A COMMON ECONOMIC SABOTEUR WHO PAUPERISED MAJORITY OF NIGERIAN CITIZENS AS GOVERNOR, CENTRAL BANK OF NIGERIA

Nigerians from all walks of lives are apprehensive that the Federal Government, through the Department of State Security Services, DSS, may fritter away a great opportunity to deal fatal blows on entrenched economic vampires and saboteurs in the country with the seemingly lack of diligent investigation and prosecution of the suspended Governor of Central Bank of Nigeria, Mr. Godwin Emefiele. This concerned is further accentuated with the spirited attempts by the legal team of the ex-henchman of the apex bank to tie the hands of the Judiciary in ensure the enforcement of the bail out of the former Governor and prevent the State from subjecting him to prosecutions.
The National Observatory as a civic engagement body with mandate to prick the conscience  of humanity on sensitive issues as they often affect the survival citizens  view the various illegal, social, and political transgressions of Mr. Godwin Emefiele  during the pendency of his tenure as Governor of the Governor, Central Bank of Nigeria as  not only Crimes against the State, but indeed, Crimes against the Citizens, if not against humanity.

NIGER COUP – MULTILATERAL DIPLOMATIC, GLOBAL SHUTTLES, IMPERATIVE FOR CONTINENTAL AFRICA SURVIVAL

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“No Permanent Friends or, Foes in International Relations. Only Permanent Interest”
On June 6th , 2023, the Commander of Presidential Guard of Niger Republic, General Abdourahamane Omar Tchiani led a military take over of the reins of government from the hands of democratically elected President Mohamad Bazouim. This would be the sixth coup d’état in the West Africa sub region; coming on the heels of miliary regimes in Mali since August 2020, Chad – April 2021, Guinea – September 2021, Sudan – October 2021, and Bukina Fasso – January 2022. The sub continental body, Economic Community of West African States led by Nigerian President Bola Ahmed Tinubu issued an ultimatum which lapse on 6th August 2023 for the usurper military junta to restore democratically President Bazouim back in power.
The Nigerien military putsch has put the coup – vulnerable West Africa sub region under spotlight, sparking off rows of salient heated issues on democracy, good governance, regional security, and influence of foreign powers not only in the sub region but continental Africa. The Nigerian Government sent a diplomatic envoy led by former military Head of State, Rtd. Gen. Abubarkar Abdulsallam and the Sultan of Sokoto Caliphate, Abubarkar Saadu to consult with the Head of Niger coupist on restoration of the overthrown Bazouim democratic government. This mission was, however, dead on arrival. As many persons clamour for military intervention, neighbouring West African States like Mali, Senegal, and other States in the continent vowed to align with the new Niger junta to defend its territories against any aggression.

JOB RACKETEERING AT FEDERAL CHARACTER COMMISSION: CACOL CALLS FOR THOROUGH INVESTIGATION AND PROSECUTION OF ERRING OFFICIALS

The Centre for Anti-Corruption and Open Leadership, CACOL, has called on anti-corruption agencies for necessary investigation of corrupt practices of job racketeering involving some members of staff and management of Federal Character Commission (FCC).

 

In a release issued by CACOL and signed by Tola Oresanwo, the anti-corruption organization’s Director, Administration and Programmes on behalf of its Chairman, Mr. Debo Adeniran, he stated, “It would be recalled that while testifying at the ongoing investigative hearing by the House of Representatives ad hoc committee investigating federal Ministries, Departments and Agencies, Parastatals, and Tertiary institutions on mismanagement of the  Integrated Payroll and Personnel Information System (IPPIS), one Mr. Haruna Kolo, an ex-aide to the Chairperson of the Federal Character Commission, Muheeba Dankaka, confessed to selling federal employment slots to job seekers at the directives of his former boss”.

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RMAFC BILL: Coalition Calls for President Tinubu’s Assent, Says RMAFC Deserves Better Funding

The Centre for Anti-Corruption and Open Leadership (CACOL) on behalf of the Civil Society Coalition Against Corruption yesterday in Lagos called on President Bola Ahmed Tinubu to graciously give assent to the Bill for an act to amend the Revenue Mobilisation Allocation and Fiscal Commission Act, CAP. R7 LFN 2010 to grant the commission enforcement powers in the monitoring of accruals to and disbursement of revenue from the Federation Account and bring the Act in conformity with the provisions of the 1999 Constitution (as Amended); and for other matters related therewith.

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PRESIDENT TINUBU’S N500BN PALLIATIVE: NIGERIANS REQUIRE MORE EXPLANATIONS

The Centre for Anti-Corruption and Open Leadership, CACOL, has asked the President of the country to shed more light on his request for N500bn to be used to provide palliatives for Nigerians following the removal of petrol subsidy announced during his inaugural address on May 29, 2023, in response to claims that the subsidy regime favoured the rich more than the average Nigerians, among other reasons.

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In a release issued by the organization’s Director of Administration and Programmes, Tola Oresanwo on behalf of Mr. Debo Adeniran, CACOL’s Chairman, he noted, “It would be recalled that President Tinubu’s request was contained in a letter sent to the National Assembly and read during plenary by the Speaker of the House of Representatives, Tajudeen Abbas. In his letter, the President proposed an amendment to the 2022 Supplementary Appropriation Act, saying “The request has become necessarily important to, among other things, the source for funds necessary to provide palliatives to mitigate the effect of the removal of fuel subsidy on Nigerians. Thus, the sum of N500bn only has been extracted from the 2022 Supplementary Act of N819,536,937,815 for the provision of palliative to cushion the effect of petrol subsidy removal.”

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BAWA’S INDEFINITE SUSPENSION: CACOL COMMENDS PRESIDENT TINUBU

BAWA’S INDEFINITE SUSPENSION: CACOL COMMENDS PRESIDENT TINUBU.

 

The Centre for Anti-Corruption and Open Leadership, CACOL, has hailed President Bola Tinubu for approving the indefinite suspension of the Chairman, Economic and Financial Crimes Commission, AbdulRasheed Bawa, from office.

 

In a press release issued by the anti-graft coalition’s Director of Administration and Programmes, Tola Oresanwo on behalf of its Chairman, Mr. Debo Adeniran, he noted, “It was reported that President Bola Ahmed Tinubu has indefinitely suspended the Chairman, Economic and Financial Crimes Commission, AbdulRasheed Bawa, from office, to allow for a thorough investigation into his conduct while in office following “weighty allegations” of abuse of office against him.

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Senator Adamu Muhammad Bulkachuwa’s open revelation; CACOL CALLS FOR THOROUGH INVESTIGATION  

The Centre for Anti-Corruption and Open Leadership, CACOL, has called on anti-corruption agencies, National Judicial Council and the Presidency to urgently set machineries in motion to investigate Senator Adamu Muhammad Bulkachuwa over his statement that he obtained favours from his wife on behalf of his fellow senators.

 

In a release issued by CACOL and signed by TolaOresanwo, the anti-corruption organization’s Director of Administration and Programmes, on behalf of its Chairman, Mr. Debo Adeniran, he stated, “It would be recalled that Adamu Muhammad Bulkachuwa, the current senator representing Bauchi North senatorial districtin a video clip which surfaced yesterday, spoke at the valedictory session of the Ninth Senate. Bulkachuwa claimed that he encroached on his wife’s (ZainabBulkachuwa, a retired Justice of the Appeal Court) “freedom and independence” in the course of her official duties as head of the second highest judicial office in Nigeria.

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