In a press release posted on its Facebook page, the Presidency today denied rumours of an alleged $25 billion missing from the coffers of the Nigerian National Petroleum Corporation (NNPC). Minister of State for Petroleum Ibe Kachikwu, in a leaked memo had accused the NNPC Group Managing Director (GMD), Maikanti Baru of unilaterally approving $25 billion worth of contracts.
In its response, the NNPC called the allegations baseless. Apart from the AKK project and NPDC production service contracts, all the other transactions mentioned in the memo were not procurement contracts. The NPDC production service contracts had undergone due process, while the AKK contract had not reached the stage of contract award.
Senior Special Assistant to the Vice President on Media, Laolu Akande also restated earlier explanations made that Vice President Yemi Osinbanjo had not approved N640 billion worth of contracts for the corporation, but Joint Venture cash call financing
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 the President in 2015, and two by the then Acting President in 2017,
The Presidency also reiterated the claims made by the NNPC that the crude term contract and the Direct Sale and Direct Purchase Agreements were not contracts for purchase for goods, a misconception that is prevalent in a cross-section of the media.
“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.”Why the rumours will not go away
It also appears that the government and the NNPC seems to be focusing on the allegations surrounding the award of contracts only. However, from the letter written to the President by kachikwu, the major crux of his grievance with Baru is an apparent allegation of an abuse of authority by the NNPC GMD. This according to Kachikwu allows the NNPC to by-pass procedures and oversights which it is supposed to be subjected to by the Minister of State. The NNPC is also alleged to be fond of ignoring the Department of Petroleum Resources, the industry regulator, preferring to take decisions on its own volition. Mr Kachikwu also suggested that the NNPC GMD had no respect for his office. These are all salient issues which the government has refused to address in its press releases.
Rumours not going away
Nigerians retain an almost cynical view about the NNPC, even though its transparency has greatly improved under the current administration. The corporation now releases quarterly reports with a wide range of information on its subsidiaries. The public is however of the opinion that the disagreement between Kachikwu and Baru is being swept under the carpet. Vice President Yemi Osinbanjo revealed he had given the NNPC approval for Joint Venture financing agreements, after holding a meeting with the GMD. Findings of prior alleged cases of corruption by the Secretary to the Government of the Federation Babachir Lawal and the Director General of the Nigerian Intelligence Agency (NIA) Ayo Oke have not been released
What the government should do
Head or tail, many Nigerians hold the view that the NNPC is a cesspool of corruption. The shoddy manner the clash between both officials was handled, has also not helped matters. The government should order an independent audit of the NNPC’s accounts from when the current GMD assumed office, and publish its findings
COVID-19 Update in Nigeria
On the 10th of August 2020, 290 new confirmed cases and 5 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 46,867 confirmed cases.
On the 10th of August 2020, 290 new confirmed cases and 5 deaths were recorded in Nigeria, having carried out a total daily test of 2,355 samples across the country.
To date, 46867 cases have been confirmed, 33346 cases have been discharged and 950 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 319,851 tests have been carried out as of August 10th, 2020 compared to 317,496 tests a day earlier.
COVID-19 Case Updates- 10th August 2020,
- Total Number of Cases – 46,867
- Total Number Discharged – 33,346
- Total Deaths – 950
- Total Tests Carried out – 319,851
According to the NCDC, the 290 new cases were reported from 16 states- Lagos (82), Plateau (82), Oyo (19), FCT (18), Edo (16), Kaduna (15), Enugu (9), Ogun (9), Kano (8), Kwara (8), Cross River (5), Ondo (5), Rivers (5), Ekiti (4), Imo (3) and Borno (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,957, followed by Abuja (4,485), Oyo (2,887), Edo (2,398), Rivers (1,944), Kano (1,634), Kaduna (1,613), Delta (1,596), Plateau (1,584), Ogun (1,478), Ondo (1,289), Enugu (914), Ebonyi (870), Kwara (865), Katsina (746), Borno (690), Abia (644), Gombe (631), Osun (628), and Bauchi (577).
Imo State has recorded 479 cases, Benue (409), Nasarawa (370), Bayelsa (346), Jigawa (322), Akwa Ibom (235), Niger (226), Adamawa (185), Ekiti (182), Sokoto (154), Anambra (142), Kebbi (90), Zamfara (77), Taraba (75), Cross River (73), Yobe (67), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|August 10, 2020||46867||290||950||5||33346||12571||7|
|August 9, 2020||46577||437||945||3||33186||12446||7|
|August 8, 2020||46140||453||942||6||33044||12154||7|
|August 7, 2020||45687||443||936||6||32637||12114||7|
|August 6, 2020||45244||354||930||3||32430||11884||7|
|August 5, 2020||44890||457||927||17||32165||11798||7|
|August 4, 2020||44433||304||910||14||31851||11672||7|
|August 3, 2020||44129||288||896||8||20663||22570||7|
|August 2, 2020||43841||304||888||5||20308||22645||7|
|August 1, 2020||43537||386||883||4||20287||22567||7|
|July 31, 2020||43151||462||879||1||19565||22707||7|
|July 30, 2020||42689||481||878||5||19270||22541||7|
|July 29, 2020||42208||404||873||5||19004||22331||7|
|July 28, 2020||41804||624||868||8||18764||22172||7|
|July 27, 2020||41180||648||860||2||18203||22117||7|
|July 26, 2020||40532||555||858||2||17374||22300||7|
|July 25, 2020||39977||438||856||11||16948||22173||7|
|July 24, 2020||39539||591||845||12||16559||22135||7|
|July 23, 2020||38948||604||833||20||16061||22054||7|
|July 22, 2020||38344||543||813||8||15815||21716||7|
|July 21, 2020||37801||576||805||4||15677||21319||7|
|July 20, 2020||37225||562||801||12||15333||21091||7|
|July 19, 2020||36663||556||789||11||15105||20769||7|
|July 18, 2020||36107||653||778||6||14938||20391||7|
|July 17, 2020||35454||600||772||3||14633||20049||7|
|July 16, 2020||34854||595||769||9||14292||19793||7|
|July 15, 2020||34259||643||760||6||13999||19500||7|
|July 14, 2020||33616||463||754||10||13792||19070||7|
|July 13, 2020||33153||595||744||4||13671||18738||7|
|July 12, 2020||32558||571||740||16||13447||18371||7|
|July 11, 2020||31987||664||724||15||13103||18160||7|
|July 10, 2020||31323||575||709||20||12795||17819||7|
|July 9, 2020||30748||499||689||5||12546||17513||7|
|July 8, 2020||30249||460||684||15||12373||17192||7|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
Just in: NUPENG calls off strike for petroleum tanker drivers in Lagos State
The disclosure was made in a series of tweet posts by the SSA to the Lagos State Governor.
The National Union of Petroleum and Natural Gas Workers (NUPENG), has called off the strike action of the Petroleum Tanker Drivers (PTD) in Lagos State which started earlier today.
This is contained in the communique which was signed by the Lagos State Commissioner for Energy and Mineral Resources, Olateru Odusote and the Deputy National President of NUPENG, Solomon Kilanko, on Monday, August 10, 2020.
The disclosure was made in a series of tweet posts by the Senior Special Assistant to the Lagos State Governor on New Media, Jubril Gawat, through his official twitter handle.
Jubril disclosed that the state will set up a standing committee to discuss with the union on an ongoing basis to resolve the various issues as they arise. The state government will also review the timing restriction on movement of petroleum tankers within the next week.
FLASH: The National Union of Petroleum and Natural Gas Workers (NUPENG) has called off its strike which commenced earlier today. pic.twitter.com/U7jearXLgx
— Gawat Jubril A. (@Mr_JAGss) August 10, 2020
FMDQ says newly signed CAMA bill will make Nigeria a powerful destination of capital
The new Bill introduces some corporate legal innovations aimed at boosting the ease of doing business.
FMDQ Securities Exchange has revealed that the new Companies and Allied Matters Bill 2020, that was recently signed into law by President Muhammadu Buhari, would reposition Nigeria as a powerful destination of capital.
The newly signed Companies and Allied Matters Act. 2020 bill, repeals and replaces the extant Companies and Allied Matters Act, 1990.
While making the disclosure in Lagos on Monday, August 10, 2020, the Group Chief Executive Officer of FMDQ, Bola Onadele, said the country’s financial market and the economy as a whole would receive the long-awaited boost to encourage economic development with the new CAMA.
The new Bill introduces some corporate legal innovations aimed at boosting the ease of doing business in the country. Some of such innovation are reduction in filing fee and other reforms to encourage small and medium enterprises, provisions for the establishment of private companies with a single shareholder and limited liability partnerships and limited partnerships, among others.
According to a report from News Agency of Nigeria (NAN), FMDQ’s Onadele pointed out that the implementation of the new CAMA, would lead to a new wave of innovative developments in the Nigerian financial market and as well as improve the ease of doing business in the country.
Onadele said, ‘’With the increasing sophistication of the global financial markets comes the need for domestic markets to develop their architecture and infrastructures to support requisite advancement as well as align with international standards, and the new CAMA 2020 will position Nigeria and its capital market at par with its international counterparts.’’
“Chief of the several impactful provisions in the CAMA 2020, is the inclusion of netting and bankruptcy remoteness provisions which signal the birth of a new financial market in Nigeria.’’
“The CAMA 2020 commendably sets the tone for the actualisation of key innovations in the market, providing enabling legal backing for netting, bankruptcy remoteness and attendant regulatory frameworks for the smooth functioning of financial markets in Nigeria,” he said.
Going further, he said noted that these game-changing provisions would provide the remedy to critical legal deficiencies that were affecting the development of the financial markets.
Onadele disclosed that the netting provisions in the CAMA would address the credit risk challenges, operational and legal bottlenecks of gross settlement for spot and derivatives transactions.
He said the derivatives market would enhance market liquidity, improve price discovery, reduce risk capital charges and transaction costs as well as increase financial markets stability.
Nairametrics had 3 days ago reported that President Muhammadu Buhari signed the new Company and Allied Matters Bill 2020, which was recently passed by the National Assembly. The newly signed bill replaces the extant Companies and Allied Matters Act, 1990 and introduced several corporate legal innovations geared toward enhancing the ease of doing business in the country.