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Oando announces resignation of Non-Executive Directors amidst managerial crises

Two Non-Executive Directors of @Oando_PLC have resigned from their position amidst leadership tussle between the management of the oil and gas company and @SECNigeria

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Two Non-Executive Directors resign in Oando Plc, Oghogho Akpata and Sena Anthony resign, Oando and SEC court case, Police close Oando

Two Non-Executive Directors of Oando Plc have resigned from their position amidst leadership tussle between the management of the oil and gas company and the Securities and Exchange Commission (SEC).

Oando announced the resignation of Chief Sena Anthony and Mr. Oghogho Akpata from the Board of Directors of the company with immediate effect; starting June 3, 2019. This was made public through a statement issued to the Nigerian Stock Exchange (NSE) yesterday.

Background: The departure comes at a time the company is engaged in a dispute with Nigeria’s apex capital market regulator, SEC. The regulatory body had demanded the resignation of the top executives, including the Group CEO, Wale Tinubu, over managerial misconduct and corruption claim.

However, Oando Plc kicked against this demand and received a court injunction barring SEC from taking any further action regarding their investigation into Oando‘s affair.

Note that the reason behind the Non-Executive Directors’ decision to resign was not disclosed in the statement seen by Nairametrics. The company, however, thanked them for their valuable contributions to the growth of the Company.

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Why this matter: The fact that the Non-Executive Directors’ resignations happened at a crucial moment the company is engulfed in managerial crises makes it difficult not to assume that their departure couldn’t have been cordial. Although Non-Executive Directors do not engage in daily management activities, they are involved in policymaking and planning exercises.

About Sena Anthony: Chief Anthony was appointed as a Non-Executive Director of Oando in January 2010. Prior to her appointment, she worked with the Federal Ministry of Justice before joining the Nigerian National Petroleum Corporation (NNPC) in 1978.

She was appointed Group General Manager, Corporate Secretariat and Legal Division, as well as the Secretary to the NNPC in July 1999. By May 2007, she has been promoted to the level of Group Executive Director. She is the first female to be appointed to such a position in the NNPC. She worked for NNPC for 31 continuous years.

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About Oghogho Akpata: He is the Managing Partner and Head of the Energy and Projects Group at Templars Barristers & Solicitors. Oghogho possesses 20 years of experience in the transactional and dispute resolution aspects of the Nigerian oil and gas sector.

He advises a broad range of clients including international oil companies, oil service contractors and a number of multinationals operating in Nigeria. Oghogho has been listed among the leading energy and natural resources lawyers in Nigeria by Chambers Global guide to the legal profession.

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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Energy

Nigeria to fix irregular power supply in 40 years- Senate

The four decades is needed due to underfunding and the FG’s failure to fix the challenges of electricity generation.

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Customers to pay for metering through cost of tariff- NERC

The Nigerian Senate has said that it will take Nigeria 40 years to fix irregular power supply.

This was disclosed by the Senate Committee on Power on Tuesday after the Minister of Power and his team made a presentation to the Committee, according to Guardian.

The four decades wait, according to the lawmakers, is due to underfunding and the Federal Government’s failure to fix the challenges of electricity generation.

The committee was astonished by the submission of the Minister of Power, Mamman Saleh, that of the N165billion required for capital projects in 2020, N4billion was given as bribe of which only N3billion was cash-backed.

In lieu of this, the Committee dismissed claims made by the minister over raising hope on early provision of constant power supply, while Managing Director of the Transmission Company of Nigeria (TCN), Sule Ahmed Abdulaziz, painted a gloomy picture during the ministry’s budget defense.

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A member of the Committee, Danjuma Goje, expressed concern that based on Abdulaziz’s presentation, N165billion was proposed, but the ministry gave N4billion in envelope, insisting that it would take 41 years to deliver constant electricity when N165billion is divided by N4billion.

Backstory

Recall that Nairametrics had earlier reported that it will take nothing less than $100 billion to enable stable power supply in Nigeria.

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What they are saying

Mr. Danjuma expressed pessimism over hopes of stable power supply in the country. He went as far as stressing that even if ongoing projects are being completed there is still no hope for stable transmission of power in the country.

Mr. Danjuma was quoted as saying: “Going by the minister’s presentation that transmission gas increased from 5000 to 8000 megawatts, it is not enough. When dishing out figures, we should bear in mind that capacity, transmission, and distribution have increased and that Nigerians, manufacturers, and industrialists want to see stable electricity.

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ENDSARS

#EndSARS: ECOWAS calls for protesters to remain peaceful in their demonstrations

ECOWAS has called on protesters to be peaceful in conducting their protests.

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ECOWAS ministers recommend gradual re-opening of borders 

The Economic Community of West African States (ECOWAS), has called on protesters to be peaceful in conducting their protests and urged Nigerian security operatives to exercise restraint in the handling of protests.

This was disclosed in a statement by the organization on Tuesday and comes on the heels of statements by other International bodies and personalities, who have expressed worry over the nature of brutality meted on protesters, especially after the Lekki shootings.

“ECOWAS Commission notes with concern that demonstrations by Nigerian youth calling for Police reforms, particularly the abolition of the Special Anti-Robbery Squad (SARS) of the Nigerian Police force, accused of misconduct by those demonstrating, have turned violent,” they said.

The body said it recognizes the right to peaceful protests and also called for protesters to be peaceful, due to the rising reported cases of lootings post protests during the curfews.

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While ECOWAS recognizes the right of citizens to freedom of expression and peaceful assembly and protests, it also wishes to stress that those rights should be exercised in a nonviolent manner.

“In this regard, ECOWAS calls on all protesters to remain peaceful in the conduct of their demonstrations. It also urges the Nigerian security operatives to exercise restraint in the handling of the protests and act professionally.”

Bottomline

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The tone of ECOWAS’ message is different compared to the rest of other stakeholders including the statement of the Lagos State Governor, House of Reps Speaker, and the Vice President, who all acknowledged that the protests were peaceful and the protesters were attacked and that the violence from the curfews was not done by the protesters but by hoodlums.

The ECOWAS message is also the first statement by West Africa’s most important regional body since the #EndSARS protests started in the first week of October.

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Economy & Politics

Kano State presents N147.9 billion budget for 2021 fiscal year

Governor Ganduje has presented the total sum of N147.9 billion as Kano State’s proposed budget for 2021 fiscal year.

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Dala Inland Dry Port set to take off after N2.3 billion investment - Kano Govt., DB to support 1.26 million farmers with $95 million

Kano State Governor, Abdullahi Ganduje has presented the total sum of N147.9 billion as its proposed budget for 2021 fiscal year before the Kano State House of Assembly today.

Presenting the budget tagged “Budget for Economic Recovery and Sustainable Development,”Governor Ganduje said the budget is in furtherance of his administration’s vision for diversification of the state sources of revenue which will engineer development in the future.

Backstory: Recall that Nairametrics had earlier reported the drive and optimism by Kano State government to boost its Internally Generated Revenue. This might probably explain why IGR increased by almost 10% between 2020 allocations and proposed estimates for 2021.

What you should know: The breakdown of the budget verified by Nairametrics showed the following key highlights:

  • The total budget increased by approximately 7.0% from N138.279 billion in 2020 to N147.935 billion in 2021.
  • Capital expenditure for the periods under view increased by 10.93% from N60.485 billion to N67.095 billion.
  • Recurrent expenditure also increased from N77.79 billion to N80.839 billion, indicating a 3.92%. increase for the periods under view.
  • Internally Generated Revenue (IGR) increased by approximately 10% from N24 billion to N26.395 billion during the period under view.
  • A breakdown of the budget showed that the Education sector has over N37 Billion representing 25% of the total budget while the health care delivery service has over N25 Billion representing 17% of the total budget.

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