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N30tri.Ways and Means:Senate vows to expose culprits … Tackles AGF on vital information

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Nigerian Senate chamber

By Our Reporter

The Senate through its Ad – hoc committee Investigating the N30trillion Ways and Means facility expended by President Muhammadu Buhari led federal government between 2015 and 2023 , declared in Abuja on Monday that the investigation was on course.

Chairman of the Committee , Senator Isah Jibrin ( APC Kogi East ) , made the declaration through a personally signed statement , refuting an online report which alleged that the investigation is in limbo .

The Ad – Committee Chairman in the rebuttal, attached letter of reminder written to the office of Accountant General for the Federation requiring for vital information for thoroughness of the investigative exercise .

Senator Jibrin who doubles as Chairman , Senate committee on Customs and Excise Duties explained in the statement that though the Ad – hoc committee was given six weeks when inaugurated in March to carry out the exercise and report back to the Senate , but thoroughness and diligence required for the sensitive national assignment had made the committee to exceed the time .

” The essence of an investigation is to come up with factual findings and not just roll in report within specified time frame.

” Investigation on the N30trillion Ways and Means , is on course and not in anyway , in limbo as insinuated by an online platform today .

” Some of the required findings have been made and still being made as clearly shown by letter of reminder recently written to the office of Accountant General of the Federation “, he said.

The letter dated 19th June , 2024 , personally signed by Senator Isah Jibrin and titled : ” Request for Submission of Additional Information ” reads : ” You may recall our earlier letter on the above subject dated 27th May , 2024, requesting for the following additional information on Ways and Means , which you are yet to respond to .

“The required information are ÷ Details of disbursements under ways and means , Names of the beneficiaries , Amount / date of disbursements , purpose of the disbursements , terms of the disbursement ( where applicable ), repayment schedule ( where applicable ) and adherence to the repayment schedule” .

Ways and Means is a loan facility through which the Central Bank of Nigeria ( CBN) , finances the federal government’s budget shortfalls.

This way of financing government deficits usually results in macroeconomic instability, leading to inflation and high exchange rates because of the excess liquidity injected into the economy.

The CBN law limits advances under ways and means to 5 percent of the previous year’s revenue, but this has been mostly breached over the years.

As a way of remedying the situation, the CBN Governor , Olayemi Cardoso, declared in February this year , that the bank would no longer grant ways and means advances to the government “until all outstanding debts are refunded”.

Business & Economy

Pastor Reuben Initiative extols founder’s philanthropic gesture

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Pastor Reuben Wilson

 

By Idibhar Agadaga, Baylesa

The Director General Pastor Reuben Initiative for Good Leadership and Accountability (PRIFGLA), Eseimokumo Frank Soko has commended Pastor Reuben Wilson’s selfless contributions to the development of Bayelsa State and the Niger Delta region.

Speaking on an enlighment program on Royal FM, 95.5, Eseimokumo Frank Soko, highlighted Wilson’s commitment to education, noting that he has sponsored over 200 students across various universities in the region.

According to Soko, Wilson’s philanthropic efforts extend beyond education, as he has also provided monthly stipends to members of the Initiative ànd numerous individuals in need.

He particularly extolled Wilson’s selfless and sacrificial lifestyle which have positively impacted the lives of many Bayelsans.

He emphasized that Wilson’s charitable works is not limited to any particular political party or affiliation as beneficiaries come from diverse backgrounds including PDP, APC and Labour Party members.

On his part, PRIFGLA’s National Secretary and Special Adviser on Student Matters and Scholarships, Ogbomo Erepamowei, shared Wilson’s inspiring personal story, which has driven his passion for helping others.

Ogbomo noted that despite facing challenges in his own educational journey, Wilson has demonstrated remarkable resilience and generosity, supporting students in various institutions across the Niger Delta.

He added that over 200 students are under scholarship sponsored by Pastor Reuben Wilson in various universities across the Niger Delta region.

In a final statement, Soko expressed gratitude to Wilson, describing him as a “sacrificial leader” who has positively impacted the lives of those working with him.

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Business & Economy

Three Oil Coys admit owing FG over $5.5m  *As Reps Issue 2-Weeks Ultimatum For Payment

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By Our Reporter
Following the ongoing efforts by the National Assembly to generate revenue for the federal government, three major oil companies operating in Nigeria Chorus Energy, Dubril Oil company limited, and Belema Oil have all admitted to owing $5,543,491.45 to the Nigeria’s Federation Account.
This revelation came during Tuesday investigation by the House of Representatives Committee on Public Accounts prompted by the Auditor General’s annual report.
The committee heard detailed testimonies from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), presented by Mr. Balarabe Haruna, which outlined the outstanding debts of the companies.
According to NUPRC, the debts are as follows: Chorus Energy owes a total of $814,680.06 and N181,954,238.43, comprising $396,907.76 for crude oil by price and $417,772.13 for crude oil by production.
Dubri Oil owes $3,025,193.71, which includes $646,605.55 for crude oil by production and $2,378,588.15 for gas flare.
Eroton Exploration & Production owes $78,486,333.27, made up of $45,094,125.31 for crude oil by production, $33,392,207.96 for gas flare, and $916,027.00 for concession rentals.
Belema Oil owes $1,703,617.68, including $977,793.54 for crude oil by price, $511,870.14 for gas flare, and $213,954.00 for concession rentals.
In response, the Chief Financial Officer of Chorus Energy, Mr. Oluseyi Simon, explained that the company’s debt arose after an increase in the crude oil price rate from 0.5% to $3.5.
He noted that the company has consistently paid its liabilities and that it had already paid $5.3 million in 2024 alone.
Simon assured the committee that the remaining balance would be cleared before the end of the month.
Meanwhile, Mr. Clement, the Acting Managing Director of Dubri Oil, acknowledged the debt and explained that the company’s financial difficulties stemmed from a decline in production during the first quarter of 2024.
He emphasized that the company had been trying to mitigate the situation through workovers on its wells, but the efforts were unsuccessful.
However, Clement assured the committee that Dubri Oil planned to begin drilling new wells and, once production increased, would settle the outstanding debt.
He further revealed that Dubri Oil had been in discussions with the Economic and Financial Crimes Commission (EFCC) and had agreed to a payment schedule, with an expected resolution by the third quarter of 2025.
Belema Oil also confirmed the debt, citing operational challenges as the cause of the indebtedness.
According to the company’s Managing Director, Ahmad H. Sambk said Belema Oil had been unable to meet its production targets since August 2022 due to issues with the evacuation pipeline system, which had experienced significant leakages, leading to the loss of nearly 5 million barrels of crude oil.
These challenges had resulted in a complete shutdown of operations, preventing the company from fulfilling its financial obligations.
Chairman of the investigation sub-committee, Hon. Akinlade Isaq, expressed anger over the failure of oil companies to meet their financial obligations and stressed the urgency of retrieving the owed funds.
“Paying off these outstanding debts is not just a matter of financial responsibility, it is a critical step toward improving governance in Nigeria,” Isaq stated.
The committee then unanimously gave the oil companies a strict two-week ultimatum to settle their debts.
The committee also issued a warning to any oil companies that failed to respond to invitations for hearings, stressing that non-compliance would lead to severe repercussions.
In addition to the aforementioned companies, the committee also disclosed the indebtedness of other oil operators that failed to appear today as follows;
“For Conoil Producing, the company owes $3,884,308.56 for crude oil by production and $708,600.06 for Gas flare and $475,785.40, bringing the total to $4,592,908.62.
Continental Oil has a total debt of $57,053,842.22, which includes  $44,519,936.05 for crude oil by production, $12,533,906.17 for gas flare and $250,650.00 for concession rentals.
Enageed Resources owes a total of $15,001,089.91, consisting of $11,647,300.01 for crude oil by production, $3,353,789.90 for gas flare and $469,552.00 for concession rentals.
Energia limited owes a total of $19,260,982.13, made up of $6,675,524.25 for crude oil by price, $9,768,926.81 for crude oil by production,$10,208.89 for gas sales, $2,806,322.19 for Gas flare and $305,995.40 for concession rentals.
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Business & Economy

New Bayelsa Secretariat: Govt Appeals To Host Communities To Maintain Peace

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Gov Douye Diri of Bayelsa

 

By David Owei, Bayelsa
The Bayelsa State Government has appealed to the people of Yenagoa and Ovom communities currently locked in a dispute over ownership of the land, where the new 9-storey secretariat is sited, to sustain their age long unity and peaceful coexistence.

The Deputy Governor, Senator Lawrence Ewhrudjakpo, made the appeal at separate meetings with the leaders and critical stakeholders of both communities in Government House, Yenagoa on Tuesday.

Senator Ewhrudjakpo, in a statement by his Senior Special Assistant on Media, Mr Doubara Atasi, pointed out that there was no need for both communities to feud over the land as government had acquired it for development purposes several decades ago.

According to the Deputy Governor, every land acquired by government with compensation paid becomes its property, stressing that all the communities lying within 15-kilometre radius from Yenagoa make up the Bayelsa State capital.

While acknowledging the sacrifices being made by the communities hosting the state capital, he assured that government would continue to protect their interests by performing its corporate social responsibility.

Senator Ewhrudjakpo, however, warned that the present administration would not fold its arms and watch any community or group of people cause crisis to disrupt the prevailing peace in the state for whatever reason.

He particularly cautioned the youths of Ovom against the alleged unwholesome practice of going to ministries, departments and agencies to demand a change in the letterheads and signboards of MDAs to reflect Ovom.

His words: “There is no long-term benefit in conflict. People can disagree, but they can reconcile their differences through the roundtable.

“Yenagoa and Ovom communities have a long history of peaceful coexistence as two sister communities in the Atissa Kingdom in the Yenagoa Local Government Area.

“As communities in the epicenter of the state capital, Ovom and Yenagoa have made huge sacrifices, and they cannot afford to fight themselves over land already acquired by government.

“Our position is that none of the communities own the land of the project site for the new state Secretariat; the ownership of that land now belongs to the Bayelsa State Government by virtue of the Capital City Development Law.

“However, government will continue to protect the interest of the communities who have donated the lands for public use and development.

“We are also receiving reports that some youths of Ovom are going to ministries, departments and agencies demanding for a change of address to reflect Ovom. That attitude is not right, and therefore, must be stopped forthwith.

“We should all know that like any other capital city in this country, the name of Yenagoa has influence over all other communities lying within the 15-km radius of the state capital, and as such Yenagoa is reflected in all addresses.”

In her remarks, the Member representing Yenagoa Constituency 1 in the State House of Assembly, Hon. Ayibanengiyefa Egba, expressed gratitude to the state government for its swift intervention and called on the communities to embrace peace as brothers to foster development and progress.

Others who spoke briefly at the two meetings include the former Technical Adviser to the Governor on Conflict Resolution, Chief Boma Spero-Jack, Hon. Markson Fefegha, Chief Couple Anyamalem, Chief Stephen Abaribote, and Chief Loveday Abaribote.

Top government functionaries present included the commissioners for works, information, marine and blue economy, lands and survey, and that of community development.

Also in attendance were the Chairman of Yenagoa Local Government Area, Hon. Bulodisiye Ndiware, the Acting Surveyor General of Bayelsa State, Geku Tonye Margareth; the Technical Adviser to the Governor on Boundary Matters, Hon. Salem Vote, among others.

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