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Reps Order Arrest of NNPC Boss, Others over N142.7Bn Debt

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House of Representatives Committee on Finance has said that the Nigerian National Petroleum Corporation (NNPC) owes the Federal Government N142.7 billion and that the Corporation has not shown any intention to pay the money.

This is coming as Public Accounts committee of the same House asked Mohammed Abubakar, Inspector General (IG) of Police to arrest Andrew Yakubu, group managing director, NNPC; Reginald Stanley, executive secretary, Petroleum Products Price Regulatory Agency (PPPRA); and Osten Oluyemisiola, director, Department of Petroleum Resources (DPR) and bring them before the House today at 1.30 p.m.

The subpoena was issued on the trio over their failure to honour numerous invitations extended to them by the committee in the past.

Consequently, the House has summoned Andrew Yakubu, group managing director, NNPC, to explain why the corporation has failed to remit the said amount from the N6 trillion Internally Generated Revenue (IGR) realised between 2009 and July last year to the Consolidated Revenue Fund (CRF) as demanded by the Fiscal Responsibility Act, 2007.

Also summoned are the chief executives officers of all the 16 subsidiaries of the oil corporation, including the Nigerian Liquefied Natural Gas Company (NLNG) and the refineries.

Abdulmumin Jibrin, chairman of the Committee, had earlier said that  the corporation was initially hostile to a technical committee set up by the House to examine its records.

He said: “Our biggest challenge has been the NNPC, but as a committee, we have resolved that whatever we have to do within the confines of the law, NNPC must be made to pay the money.

“We have said it before that NNPC has never remitted anything under its IGR to the CRF. In 2009, the Corporation generated N2.048 trillion, and made N2.155 trillion in 2010.

“While N1.9trillion was realised in 2011, by July of 2012, the Corporation made N259billion as its IGR. But between 2009 and 2012, the Corporation remitted nothing out of the N6 trillion it generated to the CRF as demanded by law.”

Jibrin explained that to ascertain what was due to the Federal Government was not lost to either fraud or inefficiency, the Committee set up a technical group to examine the books of the corporation and its 16 subsidiaries.

Elsewhere, Solomon Adeola-Olamilekan, his counterpart in Public Accounts said that Yakubu and other affected heads of the agencies have been invited several times to answer to queries raised by Auditor General of the Federation over various allegations of financial impropriety, but they refused to turn up.

“At the Office of the Accountant-General of the Federation, it was observed from the component statements of 2007 that Joint Venture Cash Calls (JVC) of the sum of N549,973 billion, Excess Crude of the sum of N1,168 trillion and Petroleum Product Subsidy of the sum of N236,641 billion were deducted from proceeds of crude oil sales, while the sums of N25.951 billion and N62,542 billion were excess proceeds deducted in respect of Petroleum Profit Tax (PPT) and Royalties respectively.

“These deductions were made before the net revenues were paid to the Federation Account contrary to the provisions of Section 162(1) of the 1999 Constitution of the Federal Republic of Nigeria which requires all such revenues to be paid directly into the Federation Account,” Olamilekan said.

He added: “The sums of N13,081 billion and N16,895 billion, being 4 per cent and 7 per cent of total non-oil and gas revenues, were deducted as cost of collection from the Federation Account and paid to Federal Inland Revenue Service (FIRS) and Nigeria Customs Service respectively.

“There was no evidence to show that these rates were passed into law by the National Assembly.

“The Accountant General of the Federation has been requested to produce the evidence showing that the rates for the deductions were approved by Acts of the National Assembly, otherwise, we advise the relevant collecting agencies should seek formal legislative approval for the rates.”

Similarly, he said, “Audit examination of the mandate letters from NNPC to CBN (Central Bank of Nigeria) in the months of January and February 2007 revealed that the benchmark amount of the domestic crude oil sales proceeds were not fully paid by N38,816 billion to the Federation Account.

“This balance should be paid into the Federation Account, and relevant particulars forwarded for audit verification.

“Out of the total withdrawals made from the account of the Excess Crude Oil in the year 2007, the sum of US$1,604 billion could not be traced into the records of FAAC on Excess Crude Oil for the year.

“Similarly, payments totalling US$1,569 billion made from Excess Crude Oil/PPT/Royalty Revenues as per FAAC records were not reflected in the CBN Statement of Account for the year 2007.”

The committee similarly demanded explanations from the CBN, the FIRS and the Customs Service on the circumstances surrounding the discrepancy of N7.935 billion in the money generated and remitted by the Customs Service to the Federation Account in 2007.


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d.light Provides 10,000 Solar Home Systems to Refugees

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d.light, the global provider of transformational household products and affordable finance for low-income households, is providing 10,000 subsidized solar home systems to refugees who have fled conflict in South Sudan and the Democratic Republic of Congo and who are now living in refugee camps in Northern and Western Uganda.

The 10,000 units are part of a wider initiative to supply 23,000 solar home systems to Ugandan refugee communities.

The project is being funded by a USD$3.4M grant from Private Sector Foundation Uganda (PSFU), a body made up of business associations, companies and public sector agencies in Uganda: and Energising Development (EnDev), an international programme by the German, Dutch, Norwegian and Swiss governments to provide access to affordable, reliable, sustainable energy for delivering social, economic, and environmental change.

The project began in April and is scheduled to run for 12 months. Funds from the grant are subject to results based financing (RBF) and d.light will only receive funding for solar home systems that have been installed.

Each solar home system from d.light features three high-efficiency LED lights, an FM radio with MP3 playback, mobile phone charging capability, and a portable solar flashlight.

Commenting on the news, d.light’s Managing Director for Uganda Douglas Gavala said, “With this grant, we can expand the important work we’re doing to improve living conditions for underserved refugee communities from South Sudan, the DRC and elsewhere who are living in refugee camps in Uganda.

“A solar home system significantly improves the quality of life and wellbeing of a household – whether it’s providing entertainment or letting a family stay up to date on local and global news on the radio or enabling children to continue reading and studying after dark.

“As well as benefits at home, d.light products also bolster household income in Uganda’s refugee settlements by extending working hours for tradespeople and small businesses, and providing an income for residents who work as d.light salespeople in the settlements.

“By providing high-quality solar products at an affordable price, we are improving the quality of life for displaced people while simultaneously encouraging economic activity at a grassroots level.”

 


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DG NITDA Reiterates Needs for Safe and Inclusive Digital Environment

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To forge strategic partnerships and collaboration for the advancement of Nigeria’s digital transformation Agenda, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa has reiterated the need for a safe and inclusive online environment responsible for human and Artificial Intelligence (AI) practices in country.

Inuwa made the statement while playing host to a team from TikTok who visited Agency’s Corporate Headquarters in Abuja to seek alliance towards bolstering the country, which aligns with President Bola Ahmed Tinubu priority area of strengthening national security for peace and prosperity.

The DG stated that content moderation strategies will help in addressing online problems like hate speech, misinformation, and cyberbullying in relation to the protection of minors across the country.

“With the Code of practice for Interactive Computer Service Platforms/Internet Intermediaries in place, this has helped in ensuring digital safety in accordance with global best practice and content moderation to enhance security”, he said.

He further noted that “no organisation or institution can operate in silos, we need each other for the actualisation of our goals and objectives towards services delivery and for the advancement of the Nation.”

Highlighting some critical areas, Inuwa stated that leveraging on the platform will advance the country through Digital Literacy 4 All (DL4ALL), Capacity Building, knowledge sharing, trainings, and curbing misinformation, digital safety with the aim of creating a safer cyber space and empowering online environment for Nigerian users.

He added that the platform allows for creative expression through filters, stickers, and editing tools, entertainment and comedy are dominant themes, and informational videos on various topics are gaining traction which has become a launchpad for influencers and trends that can go viral.

Inuwa also explained that NITDA’s Strategic Roadmap and Action Plan 2.0 (SRAP 2024-2027) is structured around eight pillars which include; Fostering Digital Literacy and Cultivating Talents, Building a Robust Technology Research Ecosystem, Strengthening Policy Implementation and Legal Frameworks, Promoting Inclusive Access to Digital Infrastructure and Services, Enhancing Cybersecurity and Digital Trust, Nurturing an Innovative and Entrepreneurial Ecosystem, Forging Strategic Partnerships and Collaborations, and Cultivating a Vibrant organisational Culture with an Agile Workforce.

In her earlier remarks, the Head of Government Regulation and Public Policy TikTok Nigeria and West Africa, Mrs Tokunbo Ibrahim has revealed that NITDA is one of its biggest and critical stakeholders in Nigeria that has an outstanding strides and performance in advancing the digital economy sector.

Ibrahim commended NITDA for its various initiatives, programmes, and policies set in place and aligns with that of TikTok, providing the opportunity were Nigerians use the platform to market, sell and export their products and services as well as talents to the outside world and make a living out of it.
She pointed out that there are projects and programmes that TikTok platform has forge ties of collaboration with, like the Africa creator hub where they do campaigns for tech creator, support, empower, and educate them on how to create contents and explore other sections of the platform, changing their narrative and adding values to what they are doing.

Ibrahim also added that TikTok platform considers online safety as one of its critical areas to secure the cyber space by providing an avenue for users to thrive and be productive in their various activities.

TikTok is currently running African mall to push the narrative of Africa to the world and creators are being equipped with information that they can create contents for products and services in Nigeria, thus can be exported to other countries of the world attracting investments


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Dr. Adesina, AfDB Group President Calls for Media Transformation to Uplift Africa’s Global Narrative

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Dr Akinwumi Adesina, the President of the African Development Bank Group, delivered an impassioned plea for more balanced media coverage of Africa and its development, noting it was critical for changing false narratives.

Adesina said this on Thursday in a keynote speech to the All Africa’s Media summit in Nairobi, attended by nearly 300 participants from across the continent. He praised the crucial role the media plays in strengthening democracy and advancing inclusivity.

The Bank Group president said there were many positive developments in Africa yet the continent continues to suffer misrepresentations which undermine its economic progress and investment potential.

“Despite the significant progress within our continent, the prevailing media narrative often focuses on negative stereotypes, overlooking the substantial advancements and resilience Africa demonstrates,” he added.

Adesina said there was plenty of positive news to report about and highlighted the continent’s economic resilience regional and amid global challenges. He said that in 2023, Africa’s growth rate surpassed the global average, with 11 African nations ranked among the world’s fastest-growing economies.

Adesina referenced a 2021 Africa No Filter Report, which revealed significant adherence to outdated and negative clichés in media reports about Africa. “It’s time for change,” he declared. “We must reshape the narrative about Africa to reflect its true spirit and potential.”

He emphasised the critical nature of information and its ability to have a profound negative impact on development and investor perceptions even though an in-depth investigation by Moody’s Analytics had shown the continent was much less of a risk than many other continents.

“We must promote a balanced view that highlights both the challenges and the many successes of Africa. It’s about changing perceptions and showcasing Africa as a continent rich with opportunity and innovation.”

The Bank Group President also spoke about the challenges and transformations within the media sector, highlighting the impact of digital technology.

“The media landscape has dramatically shifted with the rise of the internet and mobile technology, leading to a proliferation of digital platforms,” Adesina declared.

“While this has democratised information, it has also complicated issues, the distinction between fact and fiction can become blurred.”

To counter unfair and unbalanced narratives, Adesina urged the creation of a powerful, globally respected African media and proposed strategic collaborations among regional financial institutions to support this cause, emphasising the need for media to act as a catalyst for development.

“We need to celebrate and promote the continent’s successes, turning the tide against the longstanding stereotypes that have clouded the global view of Africa… What you call yourself, is the name others will subscribe to you.”

“For as long as we continually denigrate ourselves and play into the hands of those who control the narrative about Africa, we will be stuck with a label that does not belong to us,” he concluded.

He highlighted the African Development Bank’s own successes which included maintaining a AAA credit rating and launching groundbreaking financial initiatives that have earned it respect as an innovative and successful multilateral development bank.

“We have proven that Africa can lead with innovation and strength in the global financial landscape,” the President remarked. “Yet, these achievements receive minimal attention compared to the persistent focus on Africa’s challenges.”

Adesina added that just one month ago, the Bank launched a landmark $750 million hybrid capital instrument, again with a Triple A rating, which was oversubscribed eight times. He described this as a huge “testament to the confidence and trust in Africa’s burgeoning financial capabilities.”

He pledged that the African Development Bank remained committed to supporting initiatives that would help the media present a more balanced and progressive portrayal of Africa and support its economic development.

In a discussion with Julie Gichuru of the Mastercard Foundation after his address, Adesina said Africa was blessed with energy sources, but millions remained without electricity. “This must change,” he said.

“We cannot industrialise in the dark, we cannot develop in the dark. Our children cannot be competitive in a world of darkness,” he concluded.


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