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NNPC Accuses NASS Of Being Unfair

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NNPC Accuses NASS Of Being Unfair

The Nigerian National Petroleum Corporation says the National Assembly has not been fair in its position that the corporation violated processes while subsidizing petrol.

Group Managing Director, Mikanti Baru made the charge while speaking at the bid opening for NNPC insurance contractors in Abuja.

Baru said more than 600 brokers have submitted bids for he corporation’s insurance contract. He said NNPC was transparent in its processes and does its work with integrity and accountability, contrary to what the public believes.

READ:  NNPC Fail To Meet Debt Commitments Due To Inadequate Finances

Baru said NNPC did what was necessary to meet the requirement of the lawmakers to rid the pumps of queues during the fuel shortage. He said now that the lawmakers are comfortable, they are finding fault.  He said they should give NNPC benefit of doubt and ask questions that NNPC would explain.

READ:  NASS Members Unsure Of Reconvening

The Senate began an investigation of NNPC on allegations of diverting one billion dollars from the Nigerian Liquefied Natural Gas dividend account.  An ad hoc Senate committee has been set up to investigate an alleged three and a half billion dollars account kept by NNPC for petrol subsidy payments. This is separate from the one billion dollar diversion investigation.

READ:  Shell Petroleum Development Company of Nigeria Announces Clean-up In Aghoro, Odimodi

Nigerian News

CCT Declines To Suspend Onnoghen’s Trial

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CCT Declines To Suspend Onnoghen's Trial

The Code of Conduct Tribunal, CCT, in Abuja, has declined to suspend further proceedings in the criminal charge against the Chief Justice of Nigeria, Justice Walter Onnoghen.

The tribunal, said in a two-to-one decision, it would go ahead to hear the application the CJN filed to challenge its jurisdiction to try him on the six-count charge entered by the federal government that bordered on his alleged refusal to declare his assets.

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There was a sharp disagreement between the chairman of the tribunal,  Danladi Umar and another member of the panel, William Agwadza Atedze, on the legal propriety of going ahead with trial, despite four separate interim injunctions, restraining all the parties from taking further steps in the matter, pending the determination of suits before different high courts and the National Industrial Court, NIC.

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Umar says the tribunal is not constitutionally bound by orders from both the high court and the NIC

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Nigerian News

House Of Reps Summons 21 Mgt. Staff Of PenCom Over Pension Fund

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House Of Reps Summons 21 Mgt. Staff Of PenCom Over Pension Fund

Still in the house, top management staff of the National Pension Commission and 21 pension funds administrators have been asked to appear before the House of Representatives on Thursday.

An ad hoc committee issued the summons on Tuesday as part of its investigation of the alleged sharp practices by pension administrators and custodians.

READ:  Nigerian Senate Demands Audited Report Of Government Agencies And Institutions

 

The committee invited the acting director-general, PenCom, Aisha Dahir-Umar, and other top executives of the commission, the pension administrators and custodians mandated with the management of pension funds.

READ:  NNPC Fail To Meet Debt Commitments Due To Inadequate Finances

The committee is demanding information on the net assets of the contributory pension funds, details of supervisors and regulators of pension funds administrators and their key instructions and performances, compliances and defaults, details of payment into treasury single account, as well as bank accounts operated by the commission.

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Business News

Shell, Total Shut Down Four GenCos Over Debts

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Shell, Total Shut Down Four GenCos Over Debts

Four Gas Generating Companies (GenCos) have shut down production as a result of their failure to pay gas debts owed Shell Petroleum Development Company (SPDC) and total, as well as their inability to access fresh loans for gas.

READ:  NNPC Fail To Meet Debt Commitments Due To Inadequate Finances

Some of the GenCos have now resorted to securing credit facilities from commercial banks to sustain their production.

 

The executive secretary, Association of Power Generation Companies (APGC), Joy Ogaji said the power plants shutdown production because of lack of access to take loans.

READ:  Nigerian Senate Demands Audited Report Of Government Agencies And Institutions

Ogaji says the 700 billion naira power assurance guarantee, which the federal executive council approved for the companies in the first quarter of 2017, has been exhausted.

READ:  NASS Members Unsure Of Reconvening

But there are hopes that the federal government would make the Electricity Distribution Companies (DISCOS) pay at least 80 per cent of their invoices.

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