Connect with us
nairametrics
UBA ads

Economy & Politics

Reps to probe Ajaokuta’s deal, declare FG’s move unconstitutional

The Ajaokuta deal President Buhari signed with Russia is under investigation after the House of Representatives queried the details of the deal.

Published

on

Did Buhari bypass National Assembly as probe into Ajaokuta deal with Russian begins?, Buhari seeks speedy approval of the 2016/2018 external borrowing plan , Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry , Nigerians react as House of Reps suspend plenary for two weeks over Coronavirus fear, Reps to probe DStv, StarTimes for ignoring 'pay per view’ subscription, cheating Nigerians

The House of Representatives has queried the deal signed by President Muhammadu Buhari and Russia over Ajaokuta Steel Company, as the lawmakers requested for details of the deal.

The partnership was sealed to resuscitate the Steel Company, which has been in a deplorable state for years, just as the House says such a deal is not backed by law.

UBA ADS

The probe was prompted by a lack of details on the deal. This raises questions as to what was agreed upon, as there isn’t much information available for the public to vet. The lawmakers also intend to probe other agreements involving the Federal Government and other countries.

Nairametrics had reported that a proposal to rejig the services of the long-abandoned Ajaokuta Steel was tabled before the Federal Government by MetProm Group, a Russian firm. The company doesn’t just want to rehabilitate the steel mill, but also expressed a desire to maintain the steel mill when fully operational.

30,000 job loss recorded in steel sector , Russian company, MetProm Group, identifies problem of Ajaokuta Steel , Ajaokuta Steel capable of creating not less than 600,000 jobs – NIMMME boss 

GTBank 728 x 90

Reps request details for probe

According to the legislature, the reason for taking such action is to ensure the deals are in line with the constitution and not against it. And since little is known about the details of the Ajaokuta deal, the lawmakers have resolved to request the details of the agreement from the government.

This was after a unanimous adoption of a motion moved by Honourable Uzoma Nkem-Abonta, titled ‘Call for details of the agreement between Nigeria and Russia on the completion of the Ajaokuta steel company project.’ According to a Punch report, the House of Representatives directed the Committees on Steel, Treaties, Protocols and Agreements to interface with the Minister of Mines and Steel Development, Olamilekan Adegbite, on the agreement.

[READ MORE: Senate receives six aviation sector bills from Buhari]

onebank728 x 90

Did Buhari bypass lawmakers? 

Although the 8th National Assembly passed the Ajaokuta Steel Completion Fund Bill in 2018, President Buhari didn’t assent to it after raising some concerns about it. The bill was later reviewed by the House and has already scaled first reading in the 9th House. However, Nkem-Abonta disclosed that President Muhammadu Buhari signed a government-to-government agreement with the Russian President, Vladimir Putin.

The Russian government had signed on behalf of MetProm. And according to Nkem-Abonta, such agreement is not backed by the law, except the National Assembly enacts it into law. He said no treaty between the Nigerian government and other countries “shall have the force of law except to the extent to which any such treaty has been enacted into law by the National Assembly.”

app
Patricia

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Economy & Politics

Just in: Suspended EFCC boss, Ibrahim Magu, finally released from detention

Magu’s lawyer confirmed his release from the custody of the DSS.

Published

on

EFCC to help AMCON recover bad debts

The suspended acting Chairman of the Economic and Financial Crime Commission (EFCC) has been released from police custody after about 10 days in detention.

According to a monitored report, this was confirmed by his lawyer, Tosin Ojaomo, who said that the EFCC boss is no longer under custody.

UBA ADS

The suspended EFCC boss was invited by the presidential probe panel headed by Ayo Salami, a retired President of the Appeal Court to the Presidential Villa in Abuja on July 6 over allegations bordering on corruption and financial misconduct.

He was later moved to Area 10 Force Criminal Investigation Department (FCID) of the police in Abuja where he has since been detained.

Just earlier today, the Inspector-General of Police, Mohammed Adamu, asked Magu, to direct his bail application to the presidential probe panel.

GTBank 728 x 90

This was in response to a request by Mr Oluwatosin Ojaomo, Magu’s legal representative, who asked the IGP to grant bail to his client on self-recognisance after the suspended EFCC chief had spent four days in custody.

But in a letter dated July 14, 2020, and addressed to Mr Ojaomo, the IGP said the police force is not investigating and detaining Magu, so, it cannot grant the bail request.

It also advised the lawyer to redirect his request to the chairman of the presidential probe panel for appropriate action.

onebank728 x 90

Patricia
Continue Reading

Economy & Politics

OPEC+ to reduce production cuts in August to 7.7 million barrels a day

OPEC+ is preparing to increase production in a period demand picks

Published

on

OPEC+ to reduce production cuts in August to 7.7 million barrels a day

The Organization of the Petroleum Exporting Countries (OPEC) and its allies have agreed to increase crude oil supply starting from next month, as demand continues to rise to pre-pandemic levels.

OPEC+ agreed to reduce the daily production cut from 9.6 million barrels a day to 7.7 million barrels a day from August. The reduction in cuts was backed by both Saudi Arabia and Russia, including other participating oil ministers in the virtual conference.

UBA ADS

This comes nearly 3 months of production cuts after oil fell to peak lows in April, last month OPEC production reached its lowest level in nearly 30 years since the gulf war. The decision to taper the previous reduction was expected earlier today as the body also talked on extended production cuts for countries like Nigeria, Iraq, and others for not meeting their production cuts for the months of May to June.

However, the risk remains on the strength of a demand recovery as the virus seems to be rebounding in the United States. Saudi Oil Minister, Prince Abdulaziz bin Salman revealed that the extra supply due to the already planned ease of production cuts will be consumed as demand rises. He added that economies globally are beginning to reopen, however, “this is a cautious and gradual process. The recovery signs are unmistakable.”

READ MORE: OPEC launches Annual Statistical Bulletin (ASB)

GTBank 728 x 90

Nigeria’s position: OPEC expects the increase in supply to be offset by countries like Nigeria that did not meet full compliance on production cuts. Nigeria will join Iraq and Angola by engaging in a further 842,000 barrels a day of cuts through September. It is still unclear if Nigeria and the other defaulting members would be able to meet production cuts compliance as Nigeria has historically failed to meet production cuts numbers before.

Prince Abdulaziz, who has made it his mission to end the quota cheating that has dogged OPEC+ since its inception in 2016, said these compensation cuts are a crucial principle and the group must resist the temptation to relax.

OPEC+ is preparing to increase production in a period demand picks as Prince Abdulaziz has ensured that no country heats on its production cuts, adding that its essential the group cuts and increases production with one voice. The organization cut production to almost just 10% of global supply which enabled prices to rebound to over $40 after April’s lows.

onebank728 x 90

Russia says the tapering goes in hand with the current rising demands and expects output hikes to be consumed in markets of OPEC members as it local demands recovers. Saudi Arabia expects flat exports next month as demand rises locally.

 

app
Patricia
Continue Reading

Economy & Politics

Over 98% of telecom consumer complaints resolved – NCC

A total of 26,169 complaints were received through all the Commission’s official channels.

Published

on

Over 98% of telecom consumer complaints resolved – NCC

Over 98% of the service-related complaints from telecom consumers lodged with the Nigerian Communications Commission (NCC) have been successfully resolved, the commission has stated in a report.

In a press release signed by the Director of Public Affairs, Dr Ikechukwu Adinde, and published on its site, the commission noted that all of these complaints were received between January 2019 and  April 2020, and urged consumers to follow established channels of reporting whenever they have a complaint.

UBA ADS

The commission assured consumers of its commitment to improving the “Quality of Service (QoS) and Quality of Experience (QoE) for both voice and data services for the nation’s over 190 million telecom subscribers”, especially amid the communication challenges imposed by the spread of the Coronavirus.

In the period under review, a total of 26,169 complaints were received through all the Commission’s official channels of communication, and managed by the Commission, out of which 25,575 (98%) were successfully resolved.

“These include 24,481 complaints received through Commission’s Contact Centres; 1,007 complaints received through the NCC Consumer Portal; and 296 others received as written complaints submitted at NCC Head Office in Abuja and at the Commission’s five zonal offices in Lagos, Enugu, Port Harcourt, Kano, and Ibadan. 

GTBank 728 x 90

“Complaints also reached the Commission through its official email ([email protected]) while 366 of the complaints were transmitted to the Commission through its social media handles on Facebook, Twitter, Instagram, LinkedIn, and the specially-dedicated Twitter handle for consumer issues (@ConsumersNCC). Also, 19 complaints were also referred to the Commission during the period through the Twitter account of Honourable Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami” the release stated.

READ MORE: NCC creates digital economy department to harness technology in Nigeria

The Executive Vice Chairman (EVC) of NCC, the Prof, Umar Danbatta, expressed his delight that consumers are increasingly utilising the complaint channels instituted and noted that efforts are still ongoing to resolve those that may not have been addressed to the consumers satisfaction.

onebank728 x 90

“It is important to note that Commission’s actions in this regard is in congruence with NCC’s mandate to protect and defend the rights of the consumer, and to give concrete expression to its faith in the consumer as the lifeblood of the telecom sector,” Danbatta said.

He added that given the outbreak of the pandemic, it had become more expedient for TelCos to provide consumers with reliable services in order to cope with the restrictions to physical movement, and the Commission is determined to hold service providers to their responsibilities and reduce the incidence of complaints.

 

app

Patricia
Continue Reading
Advertisement
Wealth.ng
Advertisement
Advertisement
Patricia
Advertisement
Advertisement
devland
Advertisement
devland
Advertisement
devland
Advertisement
Advertisement
financial calculator
Advertisement
devland
Advertisement
app
Advertisement