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Seplat denies swindling FG of N600 billion despite co-conspirator’s guilty plea

Two days after the Nigerian Petroleum Development Company Limited (NPDC) admitted it short-changed the Federal Government, @seplatpetroleum has denied the allegations. Both companies were listed as conspirators.

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Seplat Petroleum

Two days after the Nigerian Petroleum Development Company Limited (NPDC) admitted it short-changed the Federal Government, Seplat Petroleum Development Company Plc has denied ever doing same. Both companies were listed as co-conspirators.

In a statement issued to the Nigerian Stock Exchange (NSE) yesterday, Seplat denied swindling about N13 billion from the Government. The company emphasised that the report is false and that “Seplat will vigorously defend its position”.

The Backstory: The company and NPDC (a subsidiary of the Nigerian Petroleum Development Company Ltd) were accused of short-changing the Federal Government to the sum of about N600 billion from 2013 to 2017. The non-remittance allegation was made by the Special Presidential Investigation Panel for the Recovery of Public Property (SPIP).

How the funds came about: During SPIP‘s one-year investigation, the Mr. Okoi Obla-led panel discovered Seplat failed to remit funds on Royalties on oil and gas, Concessional rental, and Gas flaring penalty due to the Federal Government.

Relationship between Seplat and NPDC: Both companies are involved in a joint venture of oil and gas. The NPDC is also involved in many other joint ventures with other private companies as well.

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Why this matter: Nairametrics earlier reported that if the report is true, it could affect the confidence of investors, seeing as Seplat is listed company on the Nigerian Stock Exchange. This would, in turn, affect the company’s share price. The company’s stock traded at N549.90 during the NSE’s last trading session.

In the meantime, Seplat Petroleum will be required to pay the sum of $33,423,617.18 and N1,302,028,429.46 alleged to have withheld from FG’s knowledge. Doing this could slightly affect the company’s bottom line.

“Seplat Petroleum Development Company Plc (“Seplat” or the “Company”) wishes to inform the public that its attention has been drawn to recent publications alleging that Seplat “failed to remit complete dues” on royalty oil, royalty gas, concessional rental and gas flared penalty from 2013 through 2017.

“Seplat strongly refutes the allegation of non-payment of Gas sale royalty, Oil royalty, Concession rental and Gas flare penalty and confirms that it is up to date on all statutory payments to the FGN. Seplat will vigorously defend its position.” -Seplat

NPDC pleads guilty: While Seplat denied the accusation, NPDC admitted to short-changing the Federal Government, while promising to finance the discovered debt.

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Other companies involved: The NPDC has Joint Venture agreements with nine companies to operate Oil Mining Leases, including Seplat, and they all have failed to remit oil royalty, gas royalty, concessional rental, and gas flared penalty to the Federal Government, according to the panel.

List of the partners involved with NPDC;

  • Seplat/NPDC JV (OML 4, 38 and 41)
  • ND Western (OML 34)
  • Elcrest /NPDC JV (OML 40)
  • Neconde/NPDC JV (OML 42)
  • NAOC (Nig. Agip Oil Coy)/NPDC JV (OML 60, 63)
  • FHN (First Hydrocarbon Nigeria)/NPDC (OML 26)
  • Abura/Oredo/Oziengbe (OML 65, 111)
  • Okono/Okpoho/NPDC JV
  • Shoreline/NPDC JV (OML 30)

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business

N4.16 billion unpaid lottery revenue recovered by EFCC

The EFCC has made a recovery of the sum of N4.16 billion for the government from lottery companies.

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Western Lotto

The Economic and Financial Crimes Commission (EFCC) has announced that it recovered over N4.16 billion for the government from lottery companies which they had refused to remit.

This was disclosed by the Acting Chairman. Mohammed Umar Abbah on Thursday evening, at the EFCC Headquarters during a meeting with Williams Alo of the Ministerial Task Force for recovery of unpaid revenues from lottery businesses.

The EFCC acting chairman said that the lottery companies were not forthcoming with remitting the revenue which had forced the anti-graft agency to intervene.

“We mapped out strategies which resulted in the recovery of over N1.16 billion from lottery companies, operating in Abuja with over N3 billion from their counterparts, operating in Lagos State,” he said.

He added that the EFCC would continue with its cooperation with the Federal Government to ensure lottery companies owing the Federal Government are made to cough out revenues they owe the government, which has already been handed over to the lottery trust fund.

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“Let me acknowledge the efforts of this Commission for the assistance it has rendered not only to the Federal Government of Nigeria but specifically to the lottery industry in Nigeria. It is in our record that the EFCC has assisted the lottery business in no small way, because a lot of recoveries have been made for us by the EFCC and the money recovered has always been handed over to the lottery trust fund,” Mr. Alo said.

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Business

Presidency denies building rail line from Nigeria to Niger Republic

The Federal Government has denied plans to construct a rail line stretching from the country into the Niger Republic.

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Fraud, FG

The Presidency has disclosed that the Federal Government is not constructing a rail line from Nigeria linking Kano-Dutse-Maradi into the Niger Republic, as it will only stop at the designated border point.

This follows the public outcry that greeted the Federal Government’s announcement of the rail project.

The disclosure was made by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through a thread of tweets on his official Twitter handle on Thursday, September 24, 2020.

He revealed that, based on the agreement reached between Nigeria and Niger in 2015 for the Kano-Katsina-Maradi corridor masterplan, the 2 countries agreed to build a rail line to the border town of Maradi.

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In his statement, Garba Shehu said, “Nigeria isn’t building rail line into Niger, but only to the designated Border point. An agreement between Nigeria and Niger in 2015, coordinated by the Nigeria-Niger Joint Commission for Cooperation has a plan for ‘Kano-Katsina-Maradi Corridor Master Plan, (K2M)’ as it is called.

“Going by this, the two nations would each build a rail track to meet at the border town of Maradi. Nigerian delegates to that meeting comprised officials from the Ministry of Foreign Affairs, National Boundaries Commission, Federal Ministry of Industry, Trade & Investment, Ministry of Agriculture and Rural Development, Water Resources as well as those of Kano & Katsina states.”

Going further he said, “The objective of the rail is the harnessing of raw materials, mineral resources, and agricultural produce. When completed, it will serve domestic industries, and play the role of a viable transportation backbone to the West African subregion, starting with the neighboring Niger Republic, for their export and import logistic chain.”

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Nairametrics had earlier reported that the Minister for Transportation, Rotimi Amaechi, after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, announced the approval of the total sum of about $1.9 billion, for the rail line contract and development of Kano-Katsina-Jibia that will terminate at Maradi rail line in the Niger Republic.

According to a media aide to the president, Ajuri Ngelale, the rail line is expected to connect the 3 states of Kano, Katsina, and Jigawa. It moves from Kano to Dambata, Kazaure, Daura, Mashi, Katsina, and terminating in Maradi, Niger Republic.

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Coronavirus

WHO says people with NCDs more vulnerable to severe COVID-19, lists how to prevent it

WHO reveals people with pre-existing Non-Communicable Diseases are more vulnerable to the coronavirus disease.

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WHO is concerned that vaccine hoarding could prolong pandemic, COVID 19: Facebook provides free Ads to help WHO combat Misinformation, COVID 19: Facebook supports WHO, provides free Ads to combat Misinformation, Coronavirus: WHO says Nigeria is among countries with highest cases, WHO warns countries against rushing to lift coronavirus restrictions, Covid-19: WHO lists conditions for relaxing restrictions

The World Health Organization (WHO) has revealed that people with pre-existing Non-Communicable Diseases (NCDs) appear to be more vulnerable to becoming severely ill with the coronavirus disease.

This was disclosed in a statement by the UN health agency on its twitter handle on Thursday, September 24, 2020.

The WHO, in its statement, listed some of those Non-Communicable Diseases to include:

  • Cardiovascular diseases like hypertension, persons who have had and are at risk for a heart attack or stroke
  • Chronic respiratory disease such as chronic obstructive pulmonary disease (COPD), which is a chronic inflammatory living disease that causes obstructed airflow from the lungs
  • Diabetes
  • Cancer

The WHO Director-General, Tedros Adhanom Ghebreyesus, disclosed that the coronavirus outbreak has shown why action on NCDs is important. He acknowledged that people with non-communicable diseases are especially at risk, which is made worse by disruptions to essential services.

He said, “The risk has been compounded by disruptions to essential services including diagnosis and treatment of cancer and diabetes and other non-communicable diseases.”

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He pointed out that the health services gaps are not just in treatment and care, as he said all nations still have much more to do to prevent NCDs. He said that too many people are dying from preventable diseases that are mostly preventable.

The WHO boss revealed that to prevent and control these non-communicable diseases, one has to stop tobacco use, reduce the use of alcohol, cut salt intake, consume less sugar, increase physical activity, eliminate industrial trans-fats, and treat high blood pressure.

He said that all these interventions are part of WHO’s best buys in a set of 16 most attractive ways to save lives and save money.

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