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The Presidency has disputed the claims that $25 billion worth of oil contracts were awarded by the Nigerian National Petroleum Corporation (NNPC) or that such amount of money was missing from the agency.

The position of the Presidency was contained in a statement by Laolu Akande, the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President.

Akande said no contracts were procured by the NNPC based on the leaked memo of the Minister of Petroleum Resources, Dr. Ibe Kachikwu, though such impressions have been maliciously created in the past few weeks.

While responding to media inquiries on Sunday on the matter, Akande disclosed that a closer look at each of the said projects indicate clearly that “these are not procurement contracts”.

According to him: “When I tweeted on Thursday morning last week, I had indicated that the Vice President, while acting as President approved Joint Venture Financing arrangements.

But for some curious reasons, a few media reports used that tweet to report that I said the then Acting President approved N640 Billion worth of oil contracts. Such reporting is both false and misleading and therefore ought to be completely ignored by all seekers of truth.”

What is more important, Akande submitted, is that “when you look diligently at the referenced projects/transactions one by one, you will see, as NNPC has shown, that none of them was actually a procurement contract.

“Take both the Crude Term Contract and the Direct Sale, Direct Purchase (DSDP) agreements for instance, these are not procurement contracts involving the expenditure of public funds. Both transactions are simply a shortlisting process, in which prospective off-takers of crude oil and suppliers of petroleum are selected under agreed terms, and in accordance with due process.

It is therefore wrong and misleading to refer to them as though they’re contracts involving the expenditure of NNPC funds, or public funds of any sort. As you now know, the Honorable Minister of Petroleum Resources himself has in fact clarified that he meant to focus on administrative and governance issues, not red-flag any fraud – because no fraud exists in this matter.”

For both transactions, Akande said it is not true and also inaccurate to attach $10 billion and $5 billion values on them, adding: “Attaching monetary values to these contracts is an arbitrary act that completely distorts understanding of the situation.”

According to him, Nigerians ought to be informed clearly that “whenever there is a monetary value on any consignment of crude oil lifted in this country by any firm, the proceeds go directly to the Federation Account and not to any company.

In fact, the Buhari administration in the implementation of the TSA has closed down multiple NNPC accounts in order to promote transparency and probity.”

Akande also explained that even in compiling the shortlisting for the prospective off-takers of crude oil and suppliers of petroleum under agreed terms, “there were public placements of advert in the mass media seeking Expressions of Interest (EoI).

Bids were publicly opened in the presence of NEITI, DPR, BPP, Civil Society groups and the press. In some cases even, these events were televised live.

“For the sake of emphasis let me state clearly that both the Crude Term Contract and the Direct Sale and Direct Purchase agreements are not contracts for any procurement of goods, works or services, and therefore do not involve the use of public funds. Instead, they are simply a shortlisting of off-takers.

And unlike what has been reported in the media so far, it is important to set the records straight that the list of approved off-takers does not carry any financial values but simply states the terms and conditions for the lifting and supply of petroleum products.”

He also disclosed that the Ajaokuta-Kaduna-Kano Gas Pipeline contract “is a contractor-financed contract which has not yet been finalized or awarded; it is still making its way to the Federal Executive Council”.

There were also three presidential approvals given on Joint Venture financing arrangements, meaning loans to cater for cash call obligations.

One of these was okayed by President Muhammadu Buhari in 2015 and two by the then Acting President in 2017, Akande noted.

Lastly, on the NPDC, he said there is no contract in the $3 billion to $4 billion range as reported in the media.

“You can then see from the foregoing that the $25 billion being bandied in the media does not exist. There is no $25 billion missing,” Akande concluded.

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  1. Abdul

    October 17, 2017 at 10:59 pm

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BIG STORY

Thousands Flock To Lagos For Africa’s Biggest Shopping, Entertainment Event [PHOTOS]

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Thousands of excited Nigerians attended the opening day of the much-anticipated maiden edition of the Lagos Shopping Festival (LSF) on Monday, December 23 and were served up an electrifying feast of events, activities and promotions across the the main venue of the festival, the iconic Mobolaji Johnson Arena, (formerly Onikan Stadium).

As advertised, first day of the festival lived up to its billing with a colourful blend of commerce, music, innovation and creativity following its flag off by the Executive Governor of Lagos State, Babajide Olusola Sanwo-Olu.

The Lagos Shopping Festival, powered by the Lagos State Government in collaboration with Chain Reactions Africa, a frontline PR firm, and supported by leading brands, including Zenith Bank, Tolaram Group, First Bank Plc, and Guinness, will see millions of people hit the main venue and select Lagos malls to bag the latest bargains, and bring together the best of city’s retail offering, showcasing local and top global brands and shopping experiences, including in-mall promotions.

Speaking at the event, Governor Sanwo-Olu described the LSF as a history-making festival of back-to-back shopping, fun, and entertainment, reaffirming the Lagos state’s commitment to grow small businesses as well as the entertainment industry.

“This is the first of its kind and this event is made to bring shoppers with MSMEs, with innovators, with entertainers, with the creative industry, with the food industry and everybody,” said Sanwo-Olu.

“For the next three days, we are meant to all come together, enjoy good food, good music, sales at discounted market price, shopping at the highest level and just general entertainment with the creativity of Lagos,” the Governor added.

He called on all Lagosians and Nigerian to join the fun, shopping and entertainment.

“Call everybody from Iyana-Ipaja to Alimosho, call people from Agege, call them from Ebute-Meta to Shomolu, call them from Bariga, from Badagry to Ikorodu, from Epe to Ibeju-Lekki, call everyone to come to the arena here at the Mobolaji Johson Center in Onikan where we’ll be doing shopping, we’ll be doing music, we’ll be doing entertainment for the next two days. This is the first of its kind”, Sanwo-Olu added.

He assured all fun-seekers, buyers and sellers of their safety, saying that they are in a safe, secure, peaceful environment, urging them to “to sit back, relax and see another Lagos creativity that is the first, and the very first Lagos Shopping Festival”.

Governor Sanwo-Olu expressed his appreciation to the sponsors of the Lagos Shopping Festival for their unwavering support to drive the story of Lagos commerce, entertainment and creativity.

“I want to thank all of our sponsors from FirstBank, to Zenith Bank, to Tolaram, to Smirnoff Ice, to Indomie Noodles, to OmniBiz, to PowerOil, to Minimie, and to Malta Guinness, all of them, including the Lagos State Government. I want to thank you”.

He also commended all the local and small businesses at the festival, and urged Lagosians and Nigerians to always patronize them.

“More importantly, to all the small businesses that are inside and under the canopies, go out there and make good deals. Go out there and do huge purchases from them. Go out there and make their small-scale market, work for them; because here, we want the market to be meeting all of the shoppers. That’s what this is all about. It’s about buying stuff at the most reduced market. It’s about entertainment, it’s about food, it’s about tourism. This is what Lagos has given to you again,” Sanwo-Olu said.

Also, commenting, the MD/ Chief Strategist, Chain Reactions Africa, the organisers of the Lagos Shopping Festival, Mr Israel Jaiye Opayemi, buttressed the strategic significance of the festival saying, “LSF is poised to be the catalyst that will redefine the true essence of commerce, especially SME businesses, the creative ecosystem, and fun times with family, friends and loved one. LSF is sure set to open a new vista of socio-economic growth from Lagos, to Nigeria, whilst raising a unique bar in the African market”.

Fun-seekers and business men and women alike had entertainment value for their time, with dancing and singing competition with the winners adjudged by the audience receiving cash gifts. The highlight of the day was the energy-revving musical performances from the youthful Ayo Maff, with the soulful rendition of songs from Adekunle Gold the icing on the cake for the audience who kept singing along to his enchanting stage performances.

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BIG STORY

JUST IN: Oriyomi Hamzat, Queen Naomi, School Principal Remanded In Agodi Prison Over Ibadan Stampede

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The Chief Magistrate Court sitting in Iyaganku, Ibadan, Oyo State has ordered the remand of Prophetess Naomi Silekunola, Alhaji Oriyomi Hamzat, and Mr. Abdullahi Fasasi at Agodi Correctional Center following their roles in the Ibadan Children Funfair stampede last week.

Amid heavy security, the three individuals, including the principal of Islamic High School, Bashorun Ibadan, Mr. Fasasi; the proprietor of Agidigbo FM, Alhaji Hamzat; and the estranged wife of the Ooni of Ile Ife, Oba Enitan Adeyeye Ogunwusi, Naomi Silekunola, were on Tuesday arraigned before the court over the incident.

The trio were arrested in connection with the Wednesday, December 18, 2024, stampede that occurred at Islamic High School, Ibadan, resulting in the death of 35 minors, while others sustained injuries.

Chief Magistrate Olabisi Ogunkanmi gave the order following the arraignment of the suspects in court on Tuesday.

The Police prosecutor accused the defendants of committing an offense contrary to Section 324 of the Criminal Code, Cap. 38, Vol. II, Laws of Oyo State of Nigeria, 2000 in a four-count charge for which they were arraigned.

The court premises was filled with relatives of the defendants and other interested parties.

 

More to come…

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BIG STORY

JUST IN: Dele Farotimi Finally Released After 21 Days In Detention

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Dele Farotimi has been released from detention in Ekiti after spending 21 days in a cell, following a complaint from Afe Babalola, SAN, who accused the human rights lawyer of defamation in his recently published book Nigeria And Its Criminal Justice System, a global bestseller on Amazon.

Farotimi was released on Tuesday after meeting the bail conditions set by an Ekiti Chief Magistrate’s Court on December 20, according to fellow activist Omoyele Sowore.

“I am pleased to report that Dele Farotimi is no longer being held at the prison yards in Ekiti State and is now returning home to Lagos,” Sowore shared the news on his X handle today.

“The struggle continues! Happy holidays to you all!”

 

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