The Nigerian National Petroleum Company (NNPC) Limited has denied allegations that it is operating secret accounts.
The state-owned oil giant said that it does not directly or through its upstream arm, the National Petroleum Investment Management Services (NAPIMS) operate secret accounts.
The reaction followed reports that the House of Representatives committee probing all joint venture operations and production sharing contracts in the oil and gas sector since 1990, had uncovered alleged secret accounts owned by the NNPC.
This was disclosed in a statement issued by the Group General Manager, Group Public Affairs Division of NNPC, Garba Deen Muhammad, and can be seen on the oil company’s official Twitter account.
Muhammad in the statement said that joint venture cash call accounts denominated in US dollars and Nigerian Naira are all domiciled with the Central Bank of Nigeria (CBN) in line with the Treasury Single Account (TSA).
The statement from NNPC reads, ‘’Our attention has been drawn to a publication in the media, including the Guardian Nigeria Newspaper, TVC news and a few others, alleging that a House of Representatives ad hoc Committee set up to investigate the structure and accountability and production sharing contracts of the NNPC from 1990 to date” has found a hidden account that belongs to Nigerian National Petroleum Company Limited.
‘’The publication stated that this information was brought to light during an investigation into all Joint Venture agreements and Production-Sharing Contracts in the oil and gas industry since 1990.
“This is not correct. The NNPC, directly or through its upstream arm, the National Petroleum Investment Management Services (NAPIMS), does not operate secret accounts at all.
“The Joint Venture cash call accounts denominated in US Dollars and Nigerian Naira are all domiciled with the Central Bank of Nigeria (CBN) in line with the Treasury Single Account (TSA) policy.
“The Joint Venture Cash Call (JVCC) NGN and USD Accounts were created to cater for the funding of cash calls for the various Joint Ventures managed by NNPCL on behalf of the Federal Government.
“Joint Venture Proceeds Accounts were opened for the individual JVs to implement the Self-Funding Strategy which aims at making the JVs to be self-reliant.
“The Office of the Accountant-General of the Federation (OAGF) is fully aware of the JVCC accounts as the OAGF regularly sanctions and approves the updates/change of signatories to the accounts. NNPC has documents where these correspondences with the OAGF were acknowledged.
“The NNPC/NAPIMS books of accounts in respect of the Federations Upstream Petroleum activities are audited annually by independent external auditors.
“A critical part of the independent statutory audit is sending of circularization to Banks to confirm balances and bank accounts belonging to NNPC/NAPIMS.
“Audited Financial Statements (AFS) are submitted to all stakeholders including the National Assembly.
“In addition, the Office of the Auditor General for the Federation conducts periodic (yearly) checks of the activities of NNPC/NAPIMS.
“Also, activities of NNPC/NAPIMS are audited yearly by the Nigerian Extractive Industry Transparency Initiative (NEITI).
“NNPC has documented evidence of the correspondences between NNPCL and The Office of the Accountant-General of the Federation (OAGF) before the accounts were opened with the Central Bank of Nigeria (CBN), in line with the Treasury Single Account (TSA) policy. We also have evidence of reconciliations carried out with the CBN for the year ended 31-12-2021 in respect to the JV Cash Call Accounts.
“Thus, with such multiple layers of checks and balances, it is impossible for the NNPCL to operate secret accounts untill the ad hoc Committee, with due respect to its competencies, discovers it. If such “secret account” does exists, then the NNPCL certainly is not aware of, and has absolutely nothing to do with it.”
Lagos state government shuts another market over environmental issues
The Lagos State Government on Wednesday, September 27, sealed up the Okeodo market at Ile-Epo near Abule Egba over non-compliance with the state’s Environmental laws.
This is coming barely 2 days after the state government through the Lagos Waste Management Authority (LAWMA), in a similar exercise, sealed the Oyingbo and Alayabiagba markets in Lagos Mainland due to environmental issues.
This disclosure is contained in a post by the Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, on his official X (formerly Twitter) account.
Wahab, who said he gave the order for the market to be shut, stated that the exercise was carried out by the officials of Lagos State Environmental Sanitation Corps (KAI).
Officials of KAI were earlier reported to have cleared the CMD/Magodo road of all illegal markets and shanties, as well as seized the items of the street traders and forced them to vacate the area.
Wahab in his post said, ‘’On my order, Okeodo market at Ile-Epo near Abule Egba was earlier today (Wednesday, 27th of September, 2023) sealed up by the officials of Lagos State Environmental Sanitation Corps (KAI) over noncompliance with the state’s Environmental Protection Laws.’’
Also speaking on the development, the Managing Director of Lagos Waste Management Authority (LAWMA), Dr. Muyiwa Gbadegesin, said the move became necessary to make them comply with environmental laws and regulations, and to warn defaulting markets around the state, to do the needful or risk a closure.
He said, “The closure of Oke-Odo Market underscores LAWMA’s commitment to ensuring that public spaces meet the required cleanliness standards. We will not compromise on the health and well-being of residents.”
Gbadegesin stressed that the decision was a significant stride in LAWMA’s efforts to sanitise the state, ensuring that public spaces are conducive for business activities and safe for all residents.
He added that the closure of the market served as a stark reminder that adherence to cleanliness standards was not negotiable.
He said, “This action is part of a broader initiative by LAWMA to create awareness and enforce sanitation regulations across various markets in the state.
“Markets that do not meet the prescribed cleanliness standards will face similar consequences as Oke-Odo Market.”
Gbadegesin, therefore, urged market operators and stakeholders to take the action as a wake-up call to institute robust cleanliness practices within their premises.
Ogun state government cancels Independence Day celebrations
Ogun State government on Tuesday said that it has cancelled celebrating the 63rd Independence Day scheduled for Sunday, October 1st
This, according to a statement from the Secretary to the State Government, Mr Tokunbo Talabi, was in tune with the directive of the federal government to have a low-key celebration this year.
The decision by the Federal Government to have a low-key celebration according to the statement was to reflect the mood of the nation with the government urging citizens of the state to spend the time solemnly praying for the country.
The statement partly reads, “Following the directive of the Federal Government that this year’s Independence Day Celebration should be low-key, the Ogun State Government has cancelled all arrangements in respect of the anniversary on October 1st, 2023.
“The decision by the federal government is to reflect the mood of the nation. The state government enjoins citizens of the state to spend the time solemnly praying for the country.
“It is the strong belief of the government under the leadership of Governor Dapo Abiodun that the supplications of the people at this crucial time will be answered by God.
“We seek the understanding and cooperation of all and sundry as we observe a low-key independence anniversary this year, believing that better times lie ahead of us as a people”.
Gridlock as petrol-loaded tanker gets stuck on Lagos road
A fully loaded NNPC tanker got stuck and caused traffic gridlock for travellers coming from Oju Odo, Synagogue Church, inward Ikotun area of Lagos State on Tuesday morning.
This was contained in a statement made available to newsmen by the Public Relations Officer, Lagos State Traffic Management Authority, Adebayo Taofeek, on Tuesday.
According to the statement, the LASTMA operatives averted a major fire disaster and ensured miscreants didn’t loot the tanker’s product.
He added that officials of the Lagos State Fire and Rescue team were present to trans-load the product of the stuck tanker to an empty one.
The statement partly reads, “Traffic officer Demola Muibi ‘Bravo’ (Zone 7) who led the LASTMA response team disclosed that an NNPC branded tanker fully loaded with petroleum product got hooked and blocked the entire Road inward Ikotun from the Synagogue Church.
“He disclosed further that to avert another major fire disaster around the entire Synagogue Church area, the LASTMA team after arriving at the scene around 6 a.m. called other major emergency responders including the Lagos State Fire and Rescue Services immediately.
“We managed the situation in such a way to avoid miscreants and hoodlums from tampering with the fuel before the arrival of Policemen from Ikotun Police Division.”
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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