The Federal Government has sacked the Managing Director/CEO of the Nigerian Bulk Electricity Trading Plc (NBET), Dr. Marilyn Amobi.
This was announced in a statement issued by Aaron Artimas, the spokesman of the Minister of Power, who posted on the ministry’s Twitter handle. The minister had said that the sack was in continuation of the re-organisation and sanitation in the ministry.
Reasons explained: According to the statement released, the Minister of Power was investigating the MD/CEO of NBET over complaints issued against her over time.
“In view of this, the minister has also directed the Constitution of a 5-man investigative committee to look into the myriads of complaints against the MD/CEO (of NBET) with the view of restoring sanity in the management of the company. Consequently, she is to handover to the most senior director in the organisation.”
[READ MORE: HSBC to sack 10,000 more staff globally)
What you should know: Amobi started the role of NBET’s MD/CEO in August 2016 and is the second head of the firm after the pioneer head, Mr. Rumundaka Wonodi, left after spending over five years. Last month, Amobi was involved in a “padding” scandal at NBET over questionable budgetary allocations software and rent, among others.
Daily Trust reported that when asked to respond, Amobi’s corporate communication office said there was approval for the projects, one of which is software procured for nearly N1 billion.
The sacked MD had many troubles, as she was enmeshed in several scandals and allegations of corruption, resulting in the House of Representatives instituting a probe into her activities. Also, the Independent Corrupt Practices Commission (ICPC) indicted her for alleged violation of the Public Procurement Act.
About NBET: NBET was incorporated on July 29, 2010 and serves as a special purpose vehicle to buy electricity from the Generation Companies (GenCos) through the Power Purchase Agreements (PPAs) and sell to the Distribution Companies (DisCos) through vesting contracts.
It is completely under the power sector with a license from the Nigerian Electricity Regulatory Commission (NERC) to operate. However, due its financial intervention role, the Chairperson of the board has remained the Minister of Finance.
TikTok’s owner seeks $60 billion valuation in US deal as Oracle, Walmart take stakes
Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global.
TikTok’s parent company, ByteDance is seeking a valuation of $60 billion for its video-sharing app, as Oracle Corp and Walmart Inc take stakes in the technology firm’s US operations to address the security concerns of the Trump administration.
According to a report from Bloomberg, Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that has gotten the approval of President Donald Trump.
The duo US firms would be paying a combined amount of $12 billion for their stakes if they reach an agreement with TikTok for the asking price of $60 billion.
The final valuation had not been set as the parties worked out the equity and measures for data security.
It was also stated that China is yet to approve the deal, although regulators are said to have expressed support for any transaction in which BtyeDance still maintains control of its valuable recommendation algorithms and other proprietary technology.
It would be recalled that President Donald Trump, had threatened to ban the ByteDance owned TikTok, over national security concerns, but which some analysts see as part of the row between US and China. This pressured ByteDance into the deal as they looked to avoid the ban by the US government.
The US officials had expressed concern that the personal data of as many as 100 million Americans that use the app were being passed on to the Chinese government.
ByteDance turned down the proposal of a full buyout from Microsoft Corp but rather agreed to Oracle’s offer in which the Chinese parent company will still maintain a majority stake in the technology firm.
Trump told reporters on Saturday, ‘’I approve the deal in concept. If they get it done, that’s great. If they don’t, that’s ok too.’’
Trump’s new stance appears to conflict with his earlier executive order for China’s ByteDance to divest from the video-sharing app’s operations in the United States.
ByteDance is in a race to avoid a ban on TikTok after the US Commerce Department said on Friday that it would block new downloads and updates to the app from Sunday.
According to market researcher, CB Insights, ByteDance is the most valued private start-up in the world at $140 billion. Under the proposed deal, ByteDance may end up owning as much as 80% of TikTok Global, which include the app’s operations in the US and the rest of the world excluding China. Venture firms like Sequoia Capital and General Atlantic may also acquire equity in the new business.
Lagos to shut Ojota’s axis of main carriage way of Ikorodu road for 3 months
The Commissioner advised all motorists to utilize alternative routes suggested during the stipulated time.
The Lagos State Government has announced the shutdown of the entire length of the main carriageway of Ikorodu Road from Ojota interchange to Ojota Second Pedestrian Bridge from Monday, September 21, 2020, for a duration of 3 months.
This is development is part of the next phase ongoing rehabilitation work on Ikorodu Road which is set to commence from the Ojota Interchange to Ojota Second Pedestrian Bridge and the Service lane inbound Lagos.
While making the disclosure, the Lagos State Commissioner for Transportation, Dr Frederick Oladeinde, advised all motorists to utilize alternative routes suggested during the stipulated time for the repairs following the closure of the entire length of the main carriageway for reconstruction work.
Oladeinde in his statement said, “Vehicles coming from Maryland will be diverted at Odoyalaro into the Service lane and the BRT Corridor to link back the main carriageway at Ketu bus stop and Demurin junction respectively.’’
The commissioner gave an assurance that the Lagos State Traffic Management Authority (LASTMA) and other law enforcement agencies will be available to direct traffic for free vehicular movement during the entire period of construction work.
While soliciting for the cooperation and support of residents and motorists that ply the axis, the Commissioner stated that the project is aimed at finding a lasting solution to the ever-busy road as well as to achieve the present administration’s traffic management and transportation policy objectives.
The Lagos State Government is set to commence the next phase of repairs from Ojota Interchange to Ojota Second Pedestrian Bridge and the Service lane inbound Lagos, from Monday 21st of September, 2020 for a duration of three months.@jidesanwoolu @dr_oladeinde#ForAGreaterLagos pic.twitter.com/8mzYGauqpi
— The Lagos State Govt (@followlasg) September 18, 2020
Petrol supply drops by over 23% due to decline in consumption
Consumption of petroleum products to decline to 27.2 billion litres in 2020.
The total volume of petrol supplied in Nigeria declined by 23.88% in July, when it fell from 1.34 billion litres in June 2020 to 1.02 billion litres.
This was disclosed by the Nigerian National Petroleum Corporation (NNPC), in its monthly performance data for July.
According to the report, the 1.02 billion litres translated to 32.95 million litres per day, down from 44.62 million litres per day in June, when 1.34 billion litres were supplied.
The performance data also stated that 0.95 billion litres (30.67 million litres/day) were supplied in May, and 0.94 billion litres (31.37 million litres/day) in April.
In March and February, the volume of petrol supplied stood at 1.73 billion (59.72 million litres/day), up from 1.20 billion litres in January (38.68 million litres/day)
It stated, “The corporation has continued to diligently monitor the daily stock of Premium Motor Spirit, to achieve smooth distribution of petroleum products and zero fuel queue across the nation.”
Agusto projects further decline
Experts in Agusto & Co, in a report, have noted that the impact of the COVID-19 pandemic on economic activities in the country resulted in a decline in the consumption of petroleum products.
The report said, “Agusto & Co. expects the consumption of petroleum products, particularly PMS and Aviation Turbine Kerosene, to decline to 27.2 billion litres in 2020, given the severely restricted travel and transportation activities during the second and third quarters of the year.
“This is expected to translate to a decline in revenue to N4.3tn in 2020.”
NNPC has, until recently, been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity, due to crude price fluctuations, among other issues.
The refineries, located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day, but have continued to operate far below the installed capacity.