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NNPC reacts to allegations of operating secret accounts

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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.”

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Fire engulfs section of Lagos blue line rail track

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A fire outbreak has occurred on a section of the Lagos blue line track opposite the NEPA station, near the Eko bridge in the Apogbon area of Lagos.

Gboyega Akosile, spokesperson for Babajide Sanwo-Olu, governor of Lagos, said the incident happened at 4:12 pm on Saturday.

He said the incident was a minor one, adding that no casualties were involved and train service was not in operation at the time of the incident.

He said a team of safety and emergency personnel have completely extinguished the fire.

“There was a fire outbreak on a small section of the Lagos Blue Line track at a spot opposite NEPA Station by Eko Bridge inward Apogbon,” Akosile wrote in a post on X.

“The incident occurred at 4:12pm. No casualty was reported and no train service at the time of the incident.

“A team of safety and emergency personnel and other first responders had completely put out the fire.

“Lagosians in that axis can go about their business peacefully as the situation is under control. Kindly await further details on operations of the train from @Lamataonline.”

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Tinubu is destined to fix Nigeria, says Kennedy-Ohanenye

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Uju Kennedy-Ohanenye, former minister of women affairs, says President Bola Tinubu is destined to fix Nigeria.

On Wednesday, the president sacked five ministers from his cabinet.

Among the dismissed were Kennedy-Ohanenye; Lola Ade-John, the minister of tourism; and Jamila Bio Ibrahim, minister of youth development.

Tahir Mamman was also relieved of his duty as the minister of education while Abdullahi Muhammad Gwarzo was let go as minister of state, housing and urban
development.

In her reaction to the ouster, Kennedy-Ohanenye had thanked Tinubu for the opportunity to serve as minister.

She added that it has been an honour and privilege to contribute to the development of Nigeria.

In a statement on Saturday, Kennedy-Ohanenye said she would continue to fight for Nigeria alongside Tinubu.

“This is a test of time, a Highly Spiritual Movement that no Human being can stop,” she wrote.

“President Bola Ahmed Tinubu is destined to fix Nigeria and I, Barr Uju Kennedy will fight alongside him to the last. Let’s be optimistic. Nigeria will be great!”

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Lagos state government announces traffic diversion for installation of truck barriers at Ojuelegba Bridge

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The Lagos State Government has announced a traffic diversion to facilitate the installation of truck barriers at the Ojuelegba Flyover Bridge by the Fire Station.

The diversion will run from 10:00 pm on Saturday, October 26, to 5:00 am on Sunday, October 27, 2024, following recent damage to the barriers.

This planned diversion follows an earlier temporary closure of the bridge for barrier installation between Saturday, October 5, and Sunday, October 6, 2024.

The announcement was contained in a statement by Mr. Oluwaseun Osiyemi, Lagos State Commissioner for Transportation, on Thursday.

“The Lagos State Government has announced a traffic diversion at Ojuelegba Flyover Bridge by the Fire Station from 10:00 pm on Saturday, October 26th, to 5:00 am on Sunday, October 27th, 2024, for the installation of truck barriers which were recently damaged,” the statement read in part.

The diversion is part of the government’s traffic management strategy to enhance road safety, control the movement of heavy-duty vehicles, and prevent further accidents or loss of lives.

The statement further noted that the installation would require motorists to use alternative routes.

  • Motorists traveling from Eko Bridge, Constain, and Iponri toward Ojuelegba are advised to use the service lane from the National Stadium gate to connect to Barracks for access to their destinations.
  • The commissioner encouraged motorists to cooperate with authorities to prevent unnecessary delays during the installation period. He also appealed for patience, explaining that the nighttime closure was planned to minimize disruptions.
  • This traffic management strategy aims to prevent further accidents and loss of lives,” he added.

The Commissioner also warned motorists against damaging public infrastructure, cautioning that offenders would face the full wrath of the law.

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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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