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Nigeria Loses N16. 25trn to Crude Oil Theft in 11 Years – Speaker
By Ubong Ukpong, Abuja
The Speaker of the House of Representatives, Hon. Tajudeen Abbas on Thursday, said that the country lost about $46 billion (N16.25 trillion) to crude oil theft between 2009 and 2020.
The Speaker spoke while inaugurating the ad hoc committee to investigate crude oil theft and loss of revenue.
He said the menace of crude oil theft has drastically hampered the growth of the country’s oil production, with Nigeria losing between 5 to 30 percent of daily crude oil production.
He, however, expressed shock that critical agencies in the oil and gas sector such as the Nigeria National Petroleum Company Limited, Nigeria Upstream Petroleum Regulatory Commission, and Ministry of Petroleum Resources among others failed to honour the invitation of the committee.
Abbas said the Heads of the agencies are not doing the nation any good by refusing to appear before the parliament to answer questions on the critical aspect of the economy.
Represented by the Chairman of the House Committee on Petroleum Upstream, Hon. Al Hassan Ado Doguwa, the Speaker said if decisive action was not taken to address the issue, the country may be thrown into a deeper fiscal crisis due to dwindling revenue from the oil and gas sector.
Quoting data from the Nigeria Extractive Industries Transparency Initiative (NEITI), the Speaker said Nigeria’s oil production declined from 2.51 million barrels per day in 2005 to 1.77 million barrels per day in 2020.
He said “NEITI reports also show that 619 million barrels of crude valued at $46 billion were stolen in the period 2009-2020”, adding that “Nigeria has continually failed to meet its daily production quota as set by the Organisation of the Petroleum Exporting Countries (OPEC).”
Abbas explained further that “recently, Nigeria’s OPEC quota was reduced from 1.742 million barrels per day to 1.38 million barrels per day. Yet, the country is still struggling to meet this quota as daily production output was 1.184 million barrels per day and 1.249 million barrels per day in May and June 2023 respectively.
“On average, current daily production output is a far cry from the budget assumption of 1.69 million per day. The implication is clearly manifest in the economic crisis that the country is facing.”
While saying that the nation faces a major fiscal crisis, the Speaker said that global recovery from the COVID-19 pandemic and the ongoing war between Russia and Ukraine has continued to cast a cloud of uncertainty on the oil and gas industry in the country.
He said “While the average international price for Brent crude oil has hovered slightly above the set benchmark price since January, Nigeria’s daily oil production has performed poorly due to a number of reasons.
“It is common knowledge that investment in the oil and gas sector has declined in the past few years owing to global financing constraints and the overall response to energy transition considerations.
“However, we must agree that the greatest challenge to optimizing crude oil production in Nigeria is the grand scale oil theft that has plagued the sector for the past 2 decades.
Speaker Abbas said the House is aware of several efforts by past – administrations to address the menace of crude oil theft with a number of task forces, special committees, and investigative panels set up in the past, each with a wide range of findings and recommendations.
He said “NEITI provides yearly updates on the amount of crude oil stolen or lost through sabotage. Yet, the menace of oil theft has continued unabated despite the enormous resources already committed to addressing it.”
In his remark, the Chairman of the Committee, Hon. Alhassan Usman Rumrum, said the volume of losses occasioned by oil theft in the country and its associated impact on the economy is completely unacceptable and cannot be tolerated by any government that sincerely loves its citizens.
He said “The way and manner this act of sabotage and breach on our national security and sovereignty is carried out daily makes a caricature of our pride as a nation and even a mockery of the acclaimed status of our armed forces.
“It is an affront to government and its institutions, which must be tackled without further delay.
“It is in the light of these that the House constituted this committee and is determined to bring this ugly trend to an end otherwise there may be no future for our remaining children who have not yet ‘Japa’ to other countries in search of survival.
“To members of the armed forces/security agencies, all Nigerians in the various states, host communities and even in the diaspora who are involved in this practice, I challenge you all to have a rethink. We have no other country to call our own, let us therefore not push this madness to a point of no return where we may find nowhere to run to.”
While commending the President for the courageous steps so far taken to rebuild the country, Rumrum said “These efforts will be in vain unless we make a resolute statement and send a powerful message through both words and actions, declaring that oil theft and all form of hydrocarbon unaccountability will not be tolerated under this administration.
“Only then can our people confidently and joyfully embrace a renewed sense of hope and purpose”.
Also speaking, a representative of the Nigeria Police Force, Mr Alabi Abiodun, said the police have put in place a task force to assist other security agencies in arresting those attacking oil facilities.
In addressing the menace, Abiodun said perpetrators of the act should be handed over to the Nigerian police to prosecute them effectively.
The Coca-Cola Company has announced sale of Chivita|Hollandia (CHI Ltd.) to UAC of Nigeria Plc.
This is contained in a statement signed by the Chivita|Hollandia
Head of Public Affairs and Communications, Zainab Obagun, on Wednesday in Lagos.
Chivita|Hollandia is a leading food and beverage player in Nigeria with portfolios across value-added dairy products, juices, nectars, still drinks and snacks.
The Hollandia brand is a market leader in evaporated milk and drinking yoghurt, while the Chivita brand is a market leader in fruit juice.
UAC is a holding company focused on domestic manufacturing, marketing and distribution of leading consumer brands in Africa.
According to the statement, the transaction, which is subject to regulatory approval, supports Coca-Cola Company’s strategy to operate a flexible and asset-light model and focus on brands that have the greatest potential to scale.
The Group Managing Director of UAC, Fola Aiyesimoju, said: “As a company with a strong presence in Africa, we are deeply committed to the continent’s growth.”
He said the acquisition presented significant potential to build on Chivita|Hollandia legacy of excellence and innovation.
“We are pleased to announce the acquisition of Chivita|Hollandia (CHI Ltd.), a leading dairy and juice business in the region.
“I would like to thank the management and staff of Chivita|Hollandia (CHI Ltd.) and look forward to working with the team to support the next phase of growth,” Aiyesimoju said.
The Managing Director of CHI Ltd., Eelco Weber, also noted that Chivita and Hollandia brands had become clear leaders in their categories.
“I would like to thank our over 5,000 employees for their hard work and dedication in bringing our business forward and earning us recognition as a Gold-rated Great Place to Work.
“We see a bright future for Chivita|Hollandia (CHI Ltd.).
”With the strength of our team, coupled with the dedication of UAC, there will be exciting opportunities for further growth,” Weber said.
By Mike Odiakose, Abuja
Ahead of local government council election in Edo State, the State chapter of the Peoples Democratic Party (PDP) has demanded for the immediate redeployment of the Resident Electoral Commissioner (REC), Dr. Anugbum Onuaha, for his role in the last governorship election.
According to the PDP, the actions of the REC during the last gubernatorial polls undermined the credibility and integrity of the electoral process, and “we cannot allow such a tainted official to oversee the forthcoming bye-elections in Edo State.
Dr. Tony Aziegbemi, Chairman, Edo PDP Caretaker Committee,
stated this in Benin City while briefing journalists on the preparation of the party for the fourth coming by- election.
“We however want to express displeasure that some electoral officers whom we are aware of, from their antecedent, have been compromised”.
“His actions during the last gubernatorial polls undermined the credibility and integrity of the electoral process, and we cannot allow such a tainted official to oversee the forthcoming bye-elections in Edo State.
The party urged the Independent National Electoral Commission (INEC) and its Chairman Prof. Mahmood Yakubu, a matter of urgency meets this demand and boosts voters confidence and assures the credibility of the process.
They also demanded that the Electoral Officers (EOs) during the 2024 gubenaotiral who were in Oredo, Ikpoba-Okha, Egor, Etsako West, Etsako East, and Akoko Edo steer clear of the bye-elections. Their involvement in the alleged irregularities that marred the last governorship election makes their participation unacceptable.
According to Aziegbemi, “Having completed this pre election process, our party in Edo State is highly prepared for the polls and are confident that we will emerge victorious. The areas in the contest are traditional strongholds of the PDP and with the quality and credential of our candidates and the support of the people, including our party supporters and members, we are sure of victory at the polls”. He stated.
The mantra, “One Man, One Vote”, remains our slogan and this we will uphold during the forthcoming bye-elections. As a party, we will not tolerate any form of electoral manipulation. We insist on a fair, credible, and transparent election and urge INEC, security agencies, and all stakeholders to ensure that every citizen’s vote counts and is protected.
“To those who have chosen to defect from our great party, we wish them the best in their future endeavors.However, we remind them that the natural laws of nature also apply to politics.
“As we go into the elections, we remain focused on winning the National Assembly seats and as a formidable political party that enjoys the love and support of the people especially at the grassroots, we are confident of coming out victorious.
“We urge voters in the various constituencies to remain vigilant, participate actively by coming out enmasse to vote the PDP and its candidates who have the capacity and ability to deliver the dividends of democracy to the people, he said.
Prof Rufa’i Alkali Congratulates New National Chairman of APC
…Lauds Party for Smooth Leadership Transition
Former Political Adviser to former President Goodluck Ebele Jonathan, Prof Rufai’s Ahmed Alkali has congratulated the new national chairman of the ruling All Progressives Congress (APC), Prof Nentawe Goshwe Yilwatda.
In a congratulatory message made available to Journalists in Abuja, Prof Alkali applauded the APC for the rancour-free transition of power that saw the emergence of the new National Chairman.
According to Prof Alkali, “the well thought out selection and the smooth process of his appointment by the National Executive Committee (NEC) of our great party clearly shows that the APC has come of age.
”He added that some opposition political parties were taken unawares by the smooth process that saw the emergence of APC new National Chairman and that is a clear indication that the ruling party is a step ahead of other political parties in the country.
Part of the statement read: “I wish to convey my special congratulations to Professor Nentawe Goshwe Yilwatda on his well deserved appointment as the National Chairman of the ruling party, the All Progressives Congress (APC).
“His well thought out selection and the smooth process of his appointment by the National Executive Committee (NEC) of our great party clearly shows that the APC has come of age.
“From their initial reactions, it appears some members of the opposition were taken unawares.
“This is how it should be. A ruling party should always be steps ahead.
“We wish Professor Nentawe Goshwe Yilwatda success in the challenges that lie ahead.”
…Lauds Party for Smooth Leadership Transition
Former Political Adviser to former President Goodluck Ebele Jonathan, Prof Rufai’s Ahmed Alkali has congratulated the new national chairman of the ruling All Progressives Congress (APC), Prof Nentawe Goshwe Yilwatda.
In a congratulatory message made available to Journalists in Abuja, Prof Alkali applauded the APC for the rancour-free transition of power that saw the emergence of the new National Chairman.
According to Prof Alkali, “the well thought out selection and the smooth process of his appointment by the National Executive Committee (NEC) of our great party clearly shows that the APC has come of age.”
He added that some opposition political parties were taken unawares by the smooth process that saw the emergence of APC new National Chairman and that is a clear indication that the ruling party is a step ahead of other political parties in the country.
Part of the statement read: “I wish to convey my special congratulations to Professor Nentawe Goshwe Yilwatda on his well deserved appointment as the National Chairman of the ruling party, the All Progressives Congress (APC).
“His well thought out selection and the smooth process of his appointment by the National Executive Committee (NEC) of our great party clearly shows that the APC has come of age.
“From their initial reactions, it appears some members of the opposition were taken unawares.
“This is how it should be. A ruling party should always be steps ahead.
“We wish Professor Nentawe Goshwe Yilwatda success in the challenges that lie ahead.”
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