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How FG Loses 44,000 Crude Oil Flow Daily

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By Martin Paul, Abuja

As Nigerians continue to endure the hardship inflicted on them by COVID-19 lockdown, indications have emerged that a nationwide fuel scarcity is looming as youths in the Niger Delta region of Warri, Niger state at the weekend, shut down flow stations in the area.

DAILY ASSET learnt that sequel to the shutdown, oil production had been in short production of over 44,000 barrels per day.

The youths, according to report reaching DAILY ASSET,  are from Odidi/Kantu  and  Diebiri- Batan  communities in Warri south west local government areas, who had shut down the Odidi and Batan oil flow stations, thus making the nation lose about 44,000 barrels  of  crude oil daily from the flow stations.



As at the time of this report, DAILY ASSET gathered that the flow stations had remained shut since Saturday when the youths took the action.

They insist that the flow stations would remain unproductive until the operators, including Neconde Energy Limited paid the arrears of bills owed the host communities.

The youths are supported by a retinue of women, who dressed in black attires to protest the alleged debts by the flow station operators.

For instance in Odidi community on Saturday, the women marched in the heavy rain, carrying placards, chanting songs and demanding for justice. 

Some of the placards they carried read: “We want NPDC to manage our flow station. Pay us our money. Our community is underdeveloped. No gain from our flow station”, etc.

As the women were chanting their songs, some leaders of the community  went into  a meeting with the military men, who are guiding the area.

 The Public Relations Officer of Odidi community, Mr Godwin Akorie and Mr Beke Timinimi, Public relations Officer of Kantu community, who jointly address newsmen after the meeting, said they went to inform the military men of intention of the communities to shut down the flow station over alleged failure of the operator to keep its promises to the area  

“We met with the military men to inform them of our intention to off the flare. We came to make them understand our plights. 

This issue has gone to the state governor, but no avail. All the agreements reached with the company , promises made by the company nothing has been met. Now the military men said we should give them one week. If by one week the company fails to meet our demands it may result to self-help”, Akorie said.

In the same manner, Timinimi, affirmed the outcome of the meeting with the military even as the PRO of  Diebiri Batan community , Mr Peter Dio  decried the alleged failure of Neconde to clear  its debt to the community, adding that the Batan flow station would also remain shut until the debts were cleared.

Among other things, the communities alleged that workers and indigenous contractors had not been paid for over a year, adding that the company  had also failed to honour agreements reached at various peace meetings including one brokered by the state government.  

They said they had written several open letters to President Muhammadu Buhari on their plight with no result   No staff of the company could be reached for comment.

However, one of the leading companies in the allegation, Neconde Energy Limited, said it had continued to carry the communities along in its operations.

 “We are critical stakeholders in the JV and we have implemented a deliberate and consistent policy of economic empowerment for community entrepreneurs that have led to the award of several contracts to members of our community.

“Community related contracts for various services within the asset currently stand at N604 million monthly and N7.3 billion annually”.  

 “The company said it awarded electrification of the communities to host community contractors”.

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Federation Account Garners N7trn Revenue in Six Months – RMAFC

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By Tony Obiechina, Abuja

Revenue Mobilization Allocation and Fiscal Commission (RMAFC) yesterday disclosed that a total sum of N7.31 trillion accrued to the Federation Account between July and Dec. 2023.This was captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) under the caption “CBN Federation Account Component Statement”.

This amount is higher than the sum of N5.
244 trillion realised in the first half of year 2023, according to a statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu and made available to the media in Abuja.The chairman disclosed that out of the total gross revenue inflows into the Federation Account, the sum of N1,692 trillion was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.
475 billion for distribution.He added that from the amount stated above, the sum of N3.26 trillion was deducted as approved statutory deductions by the OAGF, leaving a net balance of N2.2 trillion for distribution to the three tiers of government within the period under review.The chairman explained that out of the N3.267 trillion statutory deduction indicated above, N2.251 trillion was transferred to the Non-Oil Excess Account as savings, thus leaving a net statutory deduction of N1.016 trillion with further augmentations for sharing among the three tiers of government received from some “reserve accounts.”The statement added that within the period under review, the net sum of N4 trillion was shared with the three tiers of government, an amount higher than the total sum of N3.06 trillion.In terms of percentages, the chairman stressed that “the statutory deduction in the second half of the year constituted 44.12 percent of the total gross inflow into the Federation Account in the six-month period, which was higher than the first half deductions of 42.31 percent (inclusive of transfer to the Non-Oil Excess Account).”On remittances by Revenue Generating Agencies (RGAs), the RMAFC chairman disclosed that out of the total gross revenue inflows into the Federation Account, the Nigerian National Petroleum Company Limited (NNPCL) remitted N874 64 billion in the second half of the year as against the zero-remittance made in the first half of the year.Similarly, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N1.56 trillion while the Federal Inland Revenue Service (FIRS) remitted N3.65 trillion

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PDP NEC Meeting Ends with Damagum as Acting Chairman

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By Johnson Eyiangho, Abuja

Peoples Democratic Party (PDP) 98th National Executive Committee (NEC) meeting yesterday ended without a word on the much talked-about replacement of the party’s Acting National Chairman, Amb. Iliya Damagum, an indication that he will continue to function in that position.

In an interview with newsmen after the meeting, the PDP spokesman, Hon.
Debo Ologunagba said for now, the party is focusing on issues of reconciliation and its stability, adding that the issue of the Acting National Chairmanship had been “deferred to the next NEC meeting, which is tentatively scheduled for August 15, 2024″.
Also speaking, the Governor of Bauchi State and Chairman of the PDP Governors’ Forum, Bala Mohammed said the party is united as there was no dissension and rancour.
In his words, “It was planned that the party would have an implosion. PDP is more than that. We have gone beyond all that. This party is united, guided by experience and constitutionality.”There were a lot of permutations and mischievous thinking outside there. But we looked at all the issues and we worked along our guidelines and constitution.“There is no problem or dissension and problem among members,” Mohammed said.The well attended NEC meeting was held amid tight security as police and personnel of the Department of State Services (DSS) condoned off roads leading to the PDP Secretariat, Abuja and diverted vehicular traffic.It will be recalled that the PDP National Working Committee (NWC) had passed a vote of confidence on Damagum during its meeting on Tuesday.A communique issued at the end of the three hours meeting commended all the organs of the party for their collective resilience, steadfastness and commitment towards the unity, stability and sustenance the party despite daunting challenges.The communique commended the efforts of the NWC in its effort towards rebranding the party and urged all party members to continue to work together for the success of the PDP for the benefit of Nigerians and sustenance of democracy in our country.

The document which was read by the PDP National Publicity Secretary, Ologunagba, however, expressed concern over what it described as the ill-implemented policies of the APC administration, leading to worsening insecurity, harrowing economic hardship, soaring unemployment rate, high cost of food and other necessities of life with pervading misery and despondency across the country.”NEC expresses serious apprehension over the spate of acts of terrorism and violence including the escalated cases of mindless killings, mass abduction of innocent Nigerians and marauding of communities in various parts of the country.”NEC condemns the insensitivity, nonchalance, incompetence and arrogance in failure of the APC administration which continues to conduct itself in a manner that shows that it has no iota of interest or commitment towards the wellbeing of Nigerians.”NEC also condemns the creeping totalitarianism and tendencies towards a One-Party State which is inimical to the peace, stability and corporate existence of our nation as well as the development of Democracy and good governance in the country,” it said.The communique demanded that President Bola Tinubu should urgently convene a special National Security Council meeting to proffer a holistic solution and measures to curb the disturbing insecurity with its attendant negative consequences on the nation.It also called on the president to “immediately rejig his Economic Team to bring in persons of proven integrity and competence without bias and vested interest to assist in repositioning the economy.”NEC further demands that the Federal Government should review all policies and programmes which are stifling the economy with suffocating effect on the lives of citizens; including the increase in price of fuel without cushioning measures, hike in electricity tariff, increased taxation and implementation of adverse fiscal policies,” the communique added.Present at the meeting were FCT Minister Nyesom Wike, former Vice President Atiku Abubakar and many other past and presently elected members of the PDP.

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CBN Reduces Banks’ Lending Rate to 50 Percent

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By Tony Obiechina, Abuja

Central Bank of Nigeria (CBN) yesterday announced a review of the loan-to-deposit ratio (LDR) for banks from 65 percent to 50 percent to align with the current monetary tightening.

LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits.

An increase in the loan-to-deposit ratio allows banks to expand their credits to businesses and individuals, however, a decline in LDR reduces their ability to loan customers from depositors’ funds.

CBN disclosed the increase in a circular titled “Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy”, signed by Adetona Adedeji, CBN Acting Director, Banking Supervision Department.

“Following a shift in the b  ank’s policy stance towards a more contractionary approach, it is imperative to review the loan-to-deposit ratio (LDR) policy to align with the current monetary tightening by the CBN,” the apex bank said.

“Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50%, in a similar proportion to the increase in the CRR rate for banks.

“All DMBs are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance.”At the last monetary policy committee (MPC) meeting on March 26, the CBN retained the CRR at 45 percent and the liquidity rate at 30 percent.

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