PDP Steals N100 On Kerosene Price – Oshiomhole

keroseneEdo State Governor, Adams Oshiomhole, has accused the Peoples Democratic Party (PDP) led Federal Government of defrauding Nigerians of kerosene price as N150 per litre, instead of N50.

Oshiomhole said this in Benin while addressing defectors from the opposition party, PDP.

The Governor stated that the Federal Government had deprived the masses of enjoying the benefits of the natural resources bestowed on the country by God through shady subsidies on crude oil.

This, he said, has been the case for 16 years since PDP assumed power.

Oshiomole added, “The man who has a shop must close by 6pm. If he operates beyond 6pm, he must put on a generator set and buy petrol or diesel.

“From Otuoke to Benin City, Lagos, Ekpoma, Iyahmo and Sokoto, kerosene is now between the price of N150 and N160 per litre. For every N150 you spend in buying kerosene, the PDP steals N100 because in the books of NNPC, they have it in record that kerosene is N50 per litre.”

The State Governor commended the quality of the defectors whom he described as knowledgeable.

He further said, “Today is not just the fact of the huge number in this hall but it is also about the quality of the brains that have now joined us.

“In a world that is knowledge-driven, it is only the party that can parade the best brains that can drive the sustainable change that Nigeria is currently battling with in order to bail our country from its present political quagmire.”

ICPC Takes Anti-Graft Campaign To Higher Institutions

ICPC UNABThe campaign against corruption and corrupt practices is being taken to institutions of higher learning.

Part of this initiative includes the recent inauguration of an Anti-Corruption and Transparency Unit, ACTU, at the Federal University of Agriculture, Abeokuta in Ogun State.

During the 6th edition of the ACTU forum, held at the institution in the Ogun State capital, prominent anti-corruption campaigners challenged university administrators to lead the effort in their domains.

The President of Campaign for Democracy, Joe Odumakin, in her speech, decried the low level of integrity among Nigerian students.

“Gone are the days when it was a thing of shame for you to be caught cheating in an examination hall. What we have today are pictures of a miserable society that is not only digging its own grave but is even writing the scripts for funeral rights.”

The Head of the ICPC in Oyo/Ogun states, Olusesi Olukile said, “The psycho-social and political culture of corruption in the society at large has crept into the educational sector, thereby crippling the values of integrity, honesty, excellence, transparency, accountability and fairness.”

Odumakin, however, also challenged anti-graft agencies in the country to be more responsible and responsive to their constitutional responsibilities.

Members of the Federal University of Agriculture, Abeokuta community including teaching and non-teaching staff, as well as students assembled for the launch of the ACTU in the school.


Sanusi Says Suspension No Surprise, To Seek Legal Clarification

The suspended CBN Governor, Lamido Sanusi has said that he may have to seek some form of legal advice over his suspension by the Nigeria’s President, Goodluck Jonathan.

Mr Sanusi spoke to CNBC on the telephone on Thursday morning and he said that his suspension did not come as a surprise, saying he was rather surprised that it had taken this long.

Reacting to the allegations of financial recklessness, the suspended Governor said that he was aware of the audit of the reporting council and that all the questions and concerns that were raised, he had provided answers to.

“We all know what this is about. This is about consequences for decisions I have taken. This is something that is long overdue. I am surprised it took them so long”, he said.

Mr Sanusi went further to say that he may have to cross check the powers of the President to suspend a CBN Governor.

He said, “Even if I challenge it, I am not going back to the job, it will be in the interest of the institution to cross check once and for all if the President has the power to do this. The reason is if it’s not challenged, for now the next CBN Governors will not be independent for fear of being suspended by politicians. I do plan to have the courts confirm if indeed that authority exists and I will challenge it.”

When asked about the implications of his suspension on the market, Mr Sanusi said, “Basically, my concern is for the safety of the market, I have had a wonderful time in service to my country. I would not want to see all of my work unravelled. No individual is worth it.”

Mr Sanusi said that he was in Niamey along with other Governors of West African Central Banks to meet with the President of Niger and President of Ghana, when the information reached him. He left the meeting to hand over to his deputy, Dr. Sarah Alade, whom he had been asked to hand over to and who “fortunately” was with him in Niamey, capital city of the West African country, Niger.

Sanusi’s Suspension A Distraction From Finding Missing $20 Billion Oil Money – SERAP

Socio-Economic Rights and Accountability Project (SERAP) has described the suspension of the Central Bank Governor, Lamido Sanusi as “a distraction and can only contribute to shifting the focus of the Government from the real issue, which is finding the missing $20 billion oil money.

SERAP, in a statement on Thursday by its Executive Director, Adetokunbo Mumuni, said that, “The Government should not politicise the fight against corruption. Our concern remains the urgent, thorough, transparent and effective investigation into allegations that $20 billion oil money is missing from the account of the Nigerian National Petroleum Corporation (NNPC).

“If it is true that the suspension is linked with Sanusi’s public disclosure of the missing funds, SERAP believes that this will be clearly wrong and contrary to the Government’s obligations under the UN Convention against Corruption to target a whistle-blower simply for putting the information in the public domain. No one should be victimized for contributing to the fight against corruption, which is the moral and legal responsibility of any serious, open and people oriented government.

“Unless the Government comes clean about what exactly has happened to the $20 billion missing oil money, the NNPC will remain unaccountable to Nigerians for its action. This will not be consistent with the attitude of a government establishment funded with tax payers’ money.

“The Government’s action in finding the missing money and punishing suspected perpetrators is critical if it is to enjoy the trust and confidence of Nigerians in the fight against corruption.”

Jonathan Suspends CBN Governor, Sanusi

The Nigerian President, Goodluck Jonathan, has suspended Mr. Sanusi Lamido Sanusi from his position as the Governor of the Central Bank of Nigeria.

The suspension was announced in a statement signed by the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati.

The statement read that, “Having taken special notice of reports of the Financial Reporting Council of Nigeria and other investigating bodies, which indicate clearly that Mallam Sanusi Lamido Sanusi’s tenure has been characterised by various acts of financial recklessness and misconduct, which are inconsistent with the administration’s vision of a Central Bank propelled by the core values of focused economic management, prudence, transparency and financial discipline;

“Being also deeply concerned about far-reaching irregularities  under Mallam Sanusi’s watch which have distracted the Central Bank away from the pursuit and achievement of its statutory mandate; and being determined to urgently re-position the Central Bank of Nigeria for greater efficiency, respect for due process and accountability, President Goodluck Ebele Jonathan has ordered the immediate suspension of Mallam Sanusi Lamido Sanusi from the Office of Governor of the Central Bank of Nigeria.

“President Jonathan has further ordered that Mallam Sanusi should hand over to the most senior Deputy Governor of the CBN, Dr Sarah Alade, who will serve as Acting Governor until the conclusion of on-going investigations into breaches of enabling laws, due process and mandate of the CBN.

“The President expects that as Acting Governor of the Central Bank, Dr. Alade would focus on the core mandate of the Bank and conduct its affairs with greater professionalism, prudence and propriety to restore domestic and international confidence in the country’s apex bank.

“The Federal Government of Nigeria reassures all stakeholders in Nigeria’s financial and monetary system that this decision has been taken in absolute good faith, in the overall interest of the Nigerian economy and in accordance with our laws and due process.”


Sarah Alade To Serve As Acting CBN Governor

Dr Sarah Alade, will serve as Acting Governor of the Central Bank until the conclusion of on-going investigations into breaches of enabling laws, due process and mandate of the CBN.

This is following President Goodluck Jonathan’s suspension of Mr. Sanusi Lamido Sanusi from his position as the Governor of the Central Bank of Nigeria, on Thursday, in a statement signed by the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati.

Dr. Sarah Omotunde Alade was the most senior Deputy Governor of the CBN and was appointed Deputy Governor (Economic Policy) Central Bank of Nigeria on March 26, 2007.

She attended the University of Ife, Ile-Ife (now Obafemi Awolowo University) where she obtained a B.Sc (Hons) degree in Economics in 1976. She also obtained an M.Comm degree at the University of Melbourne, Melbourne, Australia in 1983 and a Ph.D Management Science (Operations Research), from the University of Ilorin in 1991.

Dr. Sarah Alade commenced her working career in 1977 with the Ministry of Finance and Economic Development, Ilorin, Kwara State. In 1991, she joined the University of Ilorin as a Lecturer in the Department of Accounting and Finance. She joined the Central Bank of Nigeria in 1993 as an Assistant Director in the Research Department where she served as Head, State Government Finance Office (1993-1996), Head, Federal Government Finance Office (1996-2000) and Head, Fiscal Analysis Division (2000-2004).

Dr. Alade has served on the teams on major economic policy studies, and has been involved in the preparation of Central Bank of Nigeria’s Monetary and Credit Policy Proposals over the years. She was actively involved in the drafting of the Medium Term Economic Programme (MTP) for Nigeria and the IMF staff Monitored Programme/Standby Arrangement.

Dr. Alade was appointed Director, Banking Operations Department in May 2004. In that capacity, she served as Chairman Board of Directors, Nigeria Interbank Settlement System (NIBSS) as well as Secretary, National Payments System Committee (NPSC).

Dr. Alade was a member of the Technical committee of the Vision 2010 and currently a member of the Technical Committee of Vision 2020 and member of the National Economic Management Team (EMT).

As Deputy Governor, Economic Policy, Dr. Mrs. Alade superintends over the Economic Policy Directorate, comprising the Research, Monetary Policy, Trade and Exchange, Statistics Departments and Financial Markets Department. As Chair of the Monetary Policy Implementation Committee (MPIC), she interfaces with operational departments and coordinates technical inputs for the Monetary Policy Committee (MPC).

Dr. Alade, who is a member of the Nigerian Economic Society (NES), has several publications to her credit and is currently carrying out research into Interest Rate Policy and Monetary Policy Implementation in Nigeria. Dr. Mrs. Alade is a Fellow of the Nigerian Institute of Operational Research. She is married with children.

“The President expects that as Acting Governor of the Central Bank, Dr. Alade would focus on the core mandate of the Bank and conduct its affairs with greater professionalism, prudence and propriety to restore domestic and international confidence in the country’s apex bank.

DRP Seals Filling Stations For Illegal Practices

The Department of Petroleum Resources has sealed two petrol stations for hoarding and diversion of kerosene.

The Controller of Abuja zonal office of the DPR, Mr Aliyu Halidu, said that the hoarding and diversion of petroleum product is creating an artificial scarcity within the city and the environs.

One of the stations, Sunmart Filling Station is licensed to store only 34,000 litres of kerosene. However, the station had taken delivery of 24 trucks of various capacities, but which were not dispensed to the public.

At another station, the officials discovered a worse situation. The station does not have the facilities to receive and dispense kerosene, yet the management had received 11 trucks of various capacities ranging from 33,000 – 60,000 litres.

While sealing the stations, officials of the DPR explained that they decided to take these stringent measures to ensure that the petrol stations follow all the rules laid down by the regulatory body.

Mr Halidu warned petrol stations that the action of some petrol station is a violation of the petroleum laws and regulations governing procurement and distribution of petroleum products.

Although, sealing the stations is one option for the Department of Petroleum Resources, the DPR has promised to prosecute stations that are involved in the hoarding and diversion of petroleum products.

Maku Urges Nigerians to Support Privatisation of Refineries

Information Minister, Labaran Maku, on Sunday called on Nigerians and other major players in the oil and gas sector to support the planned privatisation of the nation’s refineries in order to enthrone transparency and efficiency in the sector at the end of the exercise.   

Maku made the submission when he led the good governance team to the Kaduna Refining and Petrochemicals Limited.

He explained that the lingering crisis in the petroleum sector especially the frequent non availability of kerosene  in the country necessitated the  proposed privatisation by the Federal Government.

The  minister also expressed worry that despite  government’s subsidy on kerosene,  some marketers  had continued to sabotage the effort by selling it  over the 50 Naira approved pump price.

He disclosed that in spite of the various policies introduced by government to sanitise the sector over the years, such policies were always frustrated by some group of individuals gaining from the crises in the oil and gas sector.

“Nigeria can overcome the perennial kerosene scarcity and other challenges in the oil sector if Nigerians support the deregulation of the petroleum downstream sector and privatisation of the refineries. This will encourage the establishment of more private refineries and also give way for transparency and efficiency,” Mr Maku said.

The Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Mr Andrew Yakubu, who conducted the minister and his team round the company, said the Kaduna refinery currently functioned at about 60 per cent capacity but would operate at about 90 per cent capacity after a full turn around maintenance.

The GMD supported the proposed privatisation of the nation’s refineries and emphasised that the policy had become necessary to ensure efficiency and better result in the production capacity of the refineries.

On its part, the management of Kaduna refinery told the minister that the refinery could generate one trillion Naira (about 6.4 billion dollars)  revenue annually to the Federal Government if the facilities were properly maintained.

He also attributed the decline in the refinery’s production capacity to non-maintenance of the equipment every three years.