Category: Business

Business

Kaduna:Court nullifies el-Rufais Durbar Hotel C-of-O revocation

Aminu Imam

The Kaduna State High Court has nullified the revocation of Certificate of Occupancy (C of O) of Durbar hotel by the State Governor, Nasir el-Rufai. Recall that rl-Rufai had in January 2020 demolished Durbar hotel, a property belonging to the family of the late Head of State, General Sani Abacha, and went ahead to revoke the Certificate of Occupancy, (C-of-O), while the case was still pending in Court. Consequently, the Abacha family through their counsel, Dr. Reuben Atabo (SAN) dragged el-Rufai and three others to Kaduna High Court presided over…

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AuGF Report: Probe missing NNPCs 149m barrels of crude Oil in 2019 SERAPurges Buhari

Aminu Imam

Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to set up a presidential panel of enquiry to promptly probe the grim allegations that over 149 million barrels of crude oil are missing, as documented in the 2019 audited reports by the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative, (NEITI). In the letter, dated 22 April 2023 and signed by SERAP Deputy Director, Kolawole Oluwadare, SERAP also urged him to ensure the effective prosecution of anyone suspected to be responsible for the plundering of the…

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Probe NNPC missing 149million barrels of crude oil – SERAP urges Buhari

Aminu Imam

Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to set up a presidential panel of enquiry to promptly probe the grim allegations that over 149 million barrels of crude oil are missing, as documented in the 2019 audited reports by the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated 22 April 2023 and signed by SERAP deputy director Kolawole Oluwadare, SERAP also urged him to ensure the effective prosecution of anyone suspected to be responsible for the plundering of the…

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Kaduna, Kano Dala dry ports struggling Report

Aminu Imam

The Kaduna, Kano dry ports and the recently-commissioned Dala dry port have all been struggling to operate at optimal level due to paucity of cargoes from the ports in Lagos, according to a published investigative report. This is even as findings also revealed that due to the absence of a Standard Operating Procedure (SOP) by the Nigeria Customs Service (NCS) for these dry ports, then still operate as bonded terminals. Speaking on the development with newsmen, a top management staff of one of the dry ports, who preferred anonymity, explained…

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AKK pipeline abandoned over alleged 570% inflated contract sum

Aminu Imam

Financiers of Abuja-Kaduna-Kano pipeline have pulled out of the project, citing alleged 570 per cent inflated contract sum, far above global threshold. It was gathered that the companies Infrastructure and Commercial Bank of China (ICBC), Infrastructure Bank of China and China Export Credit Agency (SINOSURE) were to provide 85 percent or $2.38 billion funding requirement. Their Nigerian counterparts, Oilserve and Oando, are to shoulder the balance 15 percent, or $420 million.    With this development, the project has been stalled, as there is no funding to cover cost…

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FG to appeal judgement reinstating Ararume as NNPC Chair

Aminu Imam

The Federal Government has said it will appeal the Federal High Courts judgment which nullified the removal of Senator Ifeanyi Ararume as board chairman of the Nigeria National Petroleum Company Limited. Ararume had filed a N100 billion suit challenging his replacement by President Muhammadu Buhari when the latter constituted a nine-member board and management of the NNPC Limited in January 2022. In his suit, the lawmaker had asked the court to determine whether his replacement did not contravene provisions of the Memorandum and Articles of Association of the NNPC, Companies…

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Alleged $2.4bn Crude Oil Illegal Sale: H/Reps may issue arrest warrant on AGF, Fin. Minister

Aminu Imam

The House of Representatives has threatened to issue warrant of arrest on the Attorney-General of the Federation (AGF) and minister of Justice Abubakar Malami, as well as the Minister of Finance, Zainab Ahmed, if they fail to appear for its on-going probe on sale of 48 million barrels of crude oil amounting to over $2.4 billion, and crude oil export to global destinations. The House ad-hoc committee investigating an alleged loss of over $2.4 billion from illegal sale of 48 million barrels of crude oil export in 2015, including crude…

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$2.8bn AKK Gas pipeline project at 43% completion – Buhari

Aminu Imam

The $2.8bn Ajaokuta-Kaduna-Kano (AKK) natural gas pipeline project being constructed by the Federal Government through the Nigerian National Petroleum Company Limited and its partners, is now 43 percent completed, the President Muhammadu Buhari has said. The President said this while speaking at the ongoing 2023 Nigeria International Energy Summit (NIES) in Abuja, themed: ‘Global Perspective for a Sustainable Energy Future’. In his remarks, the President said this project would help generate 3.6 gigawatts of electricity, and provide support for gas based industries. Buhari who was represented by the Secretary to…

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NNPCL: Court declares Ararumes sack illegal

Aminu Imam

The Federal High Court, Abuja has declared the sack of Sen. Ifeanyi Ararume as Non-Executive Chairman of the Nigeria National Petroleum Company Limited (NNPCL) as illegal and unlawful. Delivering judgment in the matter on Tuesday, Justice Inyang Ekwo said that his removal was unconstitutional and as such the court restored him as the Non-Executive Chairman of the company with full benefits. The judge also set aside every decision taken by the board that was appointed after Ararumes removal and awarded N5 billion as damages in favour of Ararume. Earlier, Ararume…

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NPA: Hadizas insubordination, abuse of office caused heavy revenue losses – Former GM

Aminu Imam

A former General Manager of the Nigerian Ports Authority, (NPA), Asu Beks, has dissected the recently published book, titled: Stepping on Toes, by the NPAs former Managing Director, Hadiza Usman Bala, and submitted that former arrowhead committed immense blunders, especially in the area of insubordination and abuse of office which resulted in heavy losses to the Federal Government. While stressing that he had no intention of joining issues with the ex-Managing Director of the Authority, the former General Manager also emphasised the need to call a spade a spade, as…

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