Business News
The 3 legal arguments Femi Falana used to blow Baru’s defense apart
Published
4 years agoon
In what is the latest in the series of controversies in the Buhari administration, the Kachikwu vs. Baru dispute has exploded into a very messy battle with everyone taking sides. Earlier today, Nairametrics reported that the NNPC came to the defense of its Group Managing Director, Maikanti Baru by alleging that an ill Muhammadu Buhari who had handed over presidential powers to Osinbajo gave the final approval for the controversial contracts. Popular human rights lawyer and activist, Femi Falana has however released a statement in which he blows Baru’s defense apart. Here are the 3 major arguments from the standpoint of the law.
- Section 6 (c) of the NNPC Act which vests the Board of the NNPC (of which Kachikwu is Chairman) with the exclusive power to “enter into contracts or partnerships with any company, firm or person which in the opinion of the Corporation will facilitate the discharge of the said duties under [the NNPC] Act.” (Thus, Baru’s claim that the NNPC does not need to consult the Board before awarding contracts is not legal).
- The Public Procurement Act (PPA) states that the competent authorities that have the final say in the award of contracts and disposal of public assets under the current political dispensation are the Bureau of Public Procurement (BPP) and National Council of Public Procurement (NCPP). (Since neither is chaired by the President, Baru’s claim to have followed due process by seeking Presidential assent is not legal)
- There is no conflict whatsoever between the provisions of the NNPC Act and the PPA to justify the usurpation of the powers of the NNPC Board by the Tenders Board of the NNPC headed by the GMD (Baru). (Baru’s claim that he does not need approval from the NNPC Board headed by Kachikwu is not legal).
It will be interesting to note in coming days if and how the President will react to these allegations as well as their implications on submission to the rule of law in Nigeria.
Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience.Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.
Economy & Politics
Nigeria needs urgent economic diversification – AfDB
The AfDB said that the diversification of the Nigerian economy had become important for it to respond favourably to the emerging challenges of the 21st century.
Published
2 hours agoon
May 11, 2021
The African Development Bank has stated that Nigeria, Africa’s largest economy, needs urgent economic diversification to move the country from a single income source (oil and minerals) towards multiple income sources.
This was disclosed by Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB), at the 22nd Founder’s Day Lecture of the Igbinedion University, the first private university in Edo state, on Monday.
What the AfDB said about diversification
“In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19.
Economic diversification entails a shift away from a single income source (oil and minerals) toward multiple income sources from an increasing spectrum of sectors, products and markets,” he said.
In case you missed it
The International Monetary Fund (IMF) stated earlier this year that economic diversification was important to Nigeria and critical for her economic recovery.
They said the limited gains from inward-oriented policies in terms of creating jobs and improving living standards suggested that Nigeria needed to have a change of strategy. It was pointed out that in order to accommodate a growing number of young people entering the labour market, Nigeria would need to create at least 5 million new jobs each year over the next decade.
Business News
Ghana-Nigerian traders dispute: FG to send delegation to Ghana
The delegation will be led by the Minister of Trade, Niyi Adebayo, and comprised of other private stakeholders.
Published
5 hours agoon
May 11, 2021
The Nigerian Government will send a delegation led by the Minister of Trade, Niyi Adebayo, to Ghana to end the crisis between Nigerian traders in Ghana and local authorities—an issue that started last year before the Ghanaian Presidential elections.
The delegation was ordered by the Presidency as disclosed in a statement by the trade ministry on Monday evening.
The statement revealed that the delegation would be comprised of private stakeholders also who would be sent to dialogue with Ghanaian trade authorities to find a solution to the crisis.
The meeting between both parties will be held between May 31 and June 1, 2021.
What you should know
Recall Nairametrics reported last year that Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, said that Nigeria’s border closure in 2019 hurt Ghanaians and nearly bankrupted many Ghanaian export businesses after their goods were stuck at the Seme Border for months, reacting to the shutdown of Nigerian-owned shops by Ghanaian authorities last year.
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