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Magu To Open Defense Before Justice Salami Panel Today

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After waiting for a copy of the allegations against him, the Presidential Investigation Committee on the activities of the Economic and Financial Crimes Commission (EFCC), on Wednesday agreed to give the suspended Acting Chairman of the agency Mr. Ibrahim Magu a report to enter his Defence.

The report is that of the Presidential Committee on Audit of Recovered Assets( PCARA), which contains all allegations against Magu.

But the Chairman of the panel, Justice Isa Ayo Salami extracted a commitment from the counsel to Magu, Barrister Wahab Shittu that PCARA’s report will not be leaked to the press.

Magu, who said all the allegations against him were false, is expected to open his defence today.

The suspended EFCC chairman was at the panel’s venue for about eight hours but he had a brief encounter with the team

Wearing a white Kaftan with a white cap to match, the suspended EFCC chairman took a 78-page response to the committee, bordering on a query by the AGF, PCARA’s report and other allegations in the public domain.

The committee, however, said it may accept Magu’s response only after serving him the issues in PCARA’s report.

A top source said: “After waiting for hours, the panel met with Magu for a few minutes. The committee later decided to make a copy of the PCARA report available to Magu to enable him to address all the allegations against him.

“It, however, gave a condition that PCARA report must not be leaked in any manner to the press to avoid the distraction of its activities.

“With the concession by the panel, Magu will now open his Defence from Thursday or thereabout. He will be able to tender his defence which has not been accepted by the panel because the allegations were yet to be served on him. This is a good dimension.”

A letter written to Salami’s panel by Magu’s counsel, Wahab Shittu, however, pledged that the suspended acting EFCC chairman will cooperate with the panel.

In the letter, Shittu said Magu had not at any time challenged the mandate of the panel or engaged in any boast or queried the panel.

The letter, which was submitted yesterday, reads in part:” We state for the records that we are not in a position to query the Honourable panel and certainly will never set out doing so.

“Rather, our intention was to draw the attention of the Honourable panel to persistent falsehood publications concerning our client being orchestrated consistently in the public space in a manner that could prejudice the proceedings of this Honourable panel.

“We apologize if any contrary interpretation of our intention is conveyed by the context in which the questions were raised in the referred letter. We hold the panel in the highest esteem.

“Our client wishes to place on record his appreciation to the chairman members of the panel for ordering his release from custody on the 15th day of July 2020 without any conditionalities.

“Our client appreciates this gesture given the fact that the panel has repeatedly stated that it did not order the detention of our client in the first place. Our client is grateful for the gesture.

“Our client while appreciating the panel offers full cooperation to the panel in the discharge of its assignment.

“Our client believes in the work of the committee because of his commitment to ridding the country of corruption.”

BIG STORY

Calabar Coastal Project: Peter Obi Inciting Igbos Against Tinubu’s Government — Works Minister Umahi

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Dave Umahi, the minister of works, has said that Peter Obi, the Labour Party’s (LP) previous presidential candidate, is urging the southeast’s populace, particularly the ignorant, to rebel against the government.

Even after putting the folks into trouble, Obi, according to Umahi, would not stand up for them.

During a gathering on Wednesday to recompense landowners impacted by the proposed Lagos-Calabar coastal route, he made the statement.

The Federal Ministry of Work oversaw the exercise’s organisation.

The 700-kilometre coastal highway has been enmeshed in controversy following the demolition of Landmark Beach Resort, valued at $200 million, to create a right of way for the project which is estimated to cost the federal government N15 trillion.

After the demolition, a visibly worried Paul Onwuanibe, the Group CEO of Landmark, told BusinessDay that about 70 percent of the beach was destroyed by the government bulldozer, describing the action as “insensitive.”

“What is left of these businesses are the rubbles you can see (in video clips he captured while the demolition was going on). Those are people’s investments and means of livelihood reduced to mere rubbles; so many jobs have been lost and many Nigerian families are in for it,” Onwuanibe said.

On his part, Obi slammed President Bola Tinubu’s administration for going on with the controversial Lagos-Calabar coastal highway project in defiance of public outcry.

The presidential candidate expressed displeasure that the government is embarking on a job-losing project at a time of rampant unemployment.

Obi said it was not too late to discontinue the Lagos-Calabar highway project, adding that urgent necessities are nationwide security, poverty eradication, healthcare, and education, especially for the poor and underprivileged.

He had also described the reported demolition of businesses and residences in the designated right of way for the project as insensitive and heart-wrenching, lamenting that livelihoods were being wiped away, lifetime investments wasted, and jobs disappearing as a result of the demolition.

In a post on his X handle on Tuesday, the former Anambra State governor said: “The outcry against this project has been overwhelming due to the current situation in the country. However, reports as of yesterday indicate that demolition of businesses and residences in the designated right of way for the project has commenced from the Lagos end.

“The sight of this insensitive demolition is heart-wrenching. Livelihoods are being wiped away, lifetime investments are being wasted, and jobs are disappearing as bulldozers roar through. The homes of the elderly are being overturned by the power of bulldozers.

“This hasty flag-off defies the widespread outcry by the public, especially business and property owners directly affected by the project. Nobody knows the outcry that will accompany this project as it progresses towards poor rural landscapes.

“Thousands of jobs are about to be lost, with investments above $200 million at risk. Over 100,000 jobs in the leisure and hospitality sector face imminent extinction, along with 80 small businesses and their 4000 mostly youth employees.”

However, Umahi insisted there was no inhumanity meted to Landmark and that the matter should be buried because he was actively involved.

The former Ebonyi State Governor alleged that Obi goes around to condemn people, thereby bringing judgment upon himself.

He said: “It brings to some of the comments made by my brother, his Excellency Mr Peter Obi, I am not supposed to comment about it because some people have already done the work. And I know what Arise Television brought courtesy of Channels Television, they were bringing similar scenarios when His Excellency Peter Obi was the governor. He made a statement saying ”Any infrastructure that stands in the way of the road must go. And there would be no compensation paid.” That’s what he said.

“But look at me, by the human face of the renewed hope agenda administration, we are even paying for people who are illegally staying on the coastal line, and don’t have valid infrastructure and valid documents. That is mercy, that’s mercy… You know some people darken counsel without knowledge. You know there’s the devil in the details.

“When you condemn people, you bring judgment upon yourself. And that is what he (Obi) has done. And I think he’s inciting some of the south east people that are not well informed. He is inciting them. And gets them into trouble. And he doesn’t go to fight for them. Wisdom is a defence. And I want our people to have wisdom because I am involved.

“There’s is no inhumanity meted to Landmark, that matters should be buried because I was there. And so we fought everything possible. Even some people donated property to save his two big infrastructures. That’s appreciation. But some people have taken sides along with him to play politics.

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Dangote Refinery To Get Valid Operating Licence Soon — FG

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The Federal Government said on Tuesday that it was prepared to give a completely legal operating licence to the 650,000 barrels per day capacity Dangote Petroleum Refinery.

This was declared at the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s Stakeholders’ Consultation Forum on Midstream and Petroleum Host Community Development Trust Regulations in Abuja.

The federal government’s NMDPRA, however, clarified that although it had given the $20 billion refinery a pre-commissioning permit, the Dangote refinery would shortly receive a fully operational licence.

The Dangote refinery was opened by former President Muhammadu Buhari in May 2023. In April of this year, the plant began supplying automotive petrol oil, sometimes known as diesel, to the local market. It has yet to release Premium Motor Spirit, popularly called petrol.

Speaking at the forum in Abuja on Tuesday, the Chief Executive of NMDPRA, Farouk Ahmed, told industry players and other stakeholders that the authority would issue a fully valid operating licence to the refinery very soon.

Ahmed, who was represented by the Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, Ogbugo Ukoha, pointed out that currently, only three refineries have valid licences.

“We have issued three refineries with three valid licences. We awarded Dangote refinery even in their pre-commissioning and sooner than later they will have full commission and a valid licence to also operate,” he stated.

He also stated that about 15 gas facilities across the country have valid licences, while more are undergoing processing.

The NMDPRA boss said there are 1,199 facilities with valid licences in the downstream, while more than 176 operators hold gas import permits.

Ahmed said 130 depots have valid licences, while 69 hold valid coastal vessel licences, adding that NMDPRA has licenced 9,464 retail outlets as of 10 am on April 30, 2024.

“In the gas processing facility within the midstream, there are about 15 of them with valid licences. And much is under processing.  If you go to the downstream sector, in the gas state of the downstream, more than 1,199 facilities have NMDPRA valid licences.

“More than 176 operators hold gas import permits. On the liquid licencing side of the downstream, there are 130 depots with valid licences and coastal vessels with more than 69 valid licences as of today. And in the retail outlets, we have 9,464 licenced retail outlets as of 10 am today, April 30,” Ahmed stated.

He explained why locations in the midstream and downstream arms of the oil sector were included as part of host communities, stating that emissions and effluence affect them.

Ahmed said the authority organised the forum for stakeholders to ventilate their ideas and propose measures that would further enable the NMDPRA to relate better with host communities in the mid- and downstream arms of the oil sector.

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Biggest Mess Created In 2023 Was Devaluation Of Naira — Dangote

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Aliko Dangote, chairman of Dangote Industries Limited, claims that the devaluation of naira created the biggest mess for his company in 2023.

Dangote made this known on Tuesday during the annual general meeting of Dangote Sugar Refinery Plc.

Dangote claims that the business is working hard to make sure that dividends are paid out this year.

He claimed that many businesses were also impacted and would not be able to pay dividends, particularly those in the food and beverage industries.

“We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you look at our dividends last year, it was almost 50 percent more so we will try and get out of the mess,” Dangote said.

“The biggest mess created was actually the devaluation of the naira from N460 to N1,400.

“You can see almost 97 percent of the companies, especially in food and beverages businesses, none of them will pay dividends this year for sure but, we will try and get out of it as soon as possible.

“We want to see that at the end of the day, no matter how small, we will be able to pay some dividends, especially if there is a rebound of the naira.”

  • ‘We’ll Reapply For Merger Of Dangote Sugar With Nascon’

Speaking on the suspension of the planned merger of Dangote Sugar Refinery with Nascon Allied Industries Plc and Dangote Rice Limited, the chairman said it was put on hold because the Securities and Exchange Commission (SEC) wanted the rice factory to begin.

Dangote said the rice factory in Jigawa is expected to be commissioned soon, adding that Dangote Sugar will reapply for the merger when the time is right.

On April 19, Nascon announced the suspension of its proposed merger with Dangote Sugar.

Nascon said the merger was not completed due to the current non-operational status of Dangote Rice.

  • Dangote Sugar To End Sugar Importation In 2028

Dangote said the company’s sugar master plan will enable the producer to sell only locally produced sugar in the next four years.

According to the chairman, the implementation of the backward integration policy will give the company the best future in terms of stability and prevent issues relating to exchange rate losses.

“The sugar master plan we are now taking is very, very serious,” he said.

“But to say the least, the industry as a whole, did not really push as we are supposed to push in terms of the backward integration.

“We have done a lot, but we also have our fears because if there is no proper implementation, we do not want to go and sink a lot of your money and we end up losing money because if government is not following or making sure that everybody behaves, then we will not be able to make money. But right now, I think they have called us.

“We have sat down and I can assure you on our own, we think the best future of this company is through the backward integration.

“Because backward integration will actually give you much more forfeit and stability and it will erase all these exchange rate losses.

“So, by the grace of God, in the next four years maximum, our company should be producing what we are selling currently, all domestic, 100 percent domestic.”

However, Dangote said if any sugar is imported by the company, it will only be to complement what it is producing.

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