Tuesday, August 4, 2015
President Muhammadu Buhari has approved the appointment of the Executive Vice Chairman of ExxonMobil Africa, Emmanuel Ibe Kachikwu, to head Nigeria National Petroleum Corporation (NNPC). Kachiku is expected to take over from from Joseph Darwa at the NNPC headquarters in Abuja around 3:00 PM Nigerian time.
Kachikwu, trained lawyer, was born and raised in Onicha Ugbo in Aniocha North local government area of Delta State.
Source : Saharareporters
President Muhammadu Buhari on Monday said his administration had taken efforts to recover looted Nigerian resources a step further by searching for the banks keeping the proceeds of stolen oil.
Buhari said his government had started identifying banks, financial institutions and countries in which payments for stolen Nigerian crude oil had been made.
A statement by President’s Special Adviser on Media and Publicity, Mr. Femi Adesina, quoted Buhari as saying this while granting audience to some United States Congressmen at the Presidential Villa, Abuja.
Adesina said the President acknowledged the support and cooperation his administration was receiving from the international community in gathering required intelligence for tracing and recovering of stolen national resources.
Buhari reportedly told the US congressmen led by Rep. Darrel Issa, “We are getting cooperation from the international community, including information on ships that take crude oil from Nigeria and change direction, or pour their contents into other ships mid-stream.
“Some monies were paid to individual accounts. We are identifying the financial institutions and countries that are involved.
“I have been assured that when we get all our documents together, the United States and other countries will treat our case with sympathy.’’
He also told them that his administration would welcome more regular meetings of the Nigeria-United States Bi-National Commission, noting that the commission could serve as a more useful platform for the promotion of bilateral trade and economic relations as well as joint cooperation in the war against terrorism.
Issa assured Buhari that the US would support Nigeria against Boko Haram by providing training, intelligence and military platforms.
Buhari’s latest revelation on the steps being taken by his administration to recover the country’s resources in the hands of corrupt citizens and oil thieves came on the heels of recent report that the President was handed a list of Nigerian oil thieves during his recent visit to the US.
“I can tell you that the President already has the list of names of the people engaging in the stealing of Nigeria’s oil,” someone in the entourage of Buhari to the US trip had confided in The PUNCH last week.
The source had said that Buhari was taken aback when he saw the names on the list and that the list given to the President by the US might compel him to probe the administration of former President Goodluck Jonathan.
A Presidency source had also confirmed that Buhari had such a list but that “the President has been keeping the list to himself.”
The source, who spoke to The PUNCH about the list in the President’s possession, said the US gave Buhari two separate lists – one listing the names of top government officials who have been stealing the country’s oil, using their high offices to perpetrate the stealing; and the other containing the names of illegal oil bunkerers.
The President had also said last week that some ministers in the cabinet of Jonathan were stealing as much as 250,000 barrels of Nigeria’s crude daily.
Edo State Governor, Adams Oshiomhole, who was also on the President’s team to the US, said last week that a former minister stole as much as $6bn.
Apart from oil thieves, the Buhari administration has also reportedly zeroed in on corrupt public servants, with the Independent Corrupt Practices and other related offences Commission’s operatives already marking assets of some corrupt ‘super rich’ civil servants for possible confiscation.
The ICPC is said to have been set to approach the court this week for an order to effect seizure of choice properties said to have been acquired through ill-gotten wealth by corrupt civil servants.
Many of such assets, including buildings and state-of-the-art automobiles, were said to have been discovered in the Federal Capital Territory and other locations across the country.
Source: The Punch
Monday, August 3, 2015
SaharaReporters has learned that the late Ooni of Ife, Oba Okunade Sijuade, the death of whom will soon be officially announced, died at the London Clinic, located at 20 Devonshire Place in London.
The United States dollar will further tumble against the naira at the parallel market this week as Deposit Money Banks continue to reject cash deposit of foreign currencies into customers’ domiciliary accounts.
The naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.
Foreign exchange dealers told our correspondent on Sunday that the naira would likely appreciate further against the dollar at the black market this week.
A forex trader, who chose to speak under the condition of anonymity said, “We expect the naira to appreciate further this week at the parallel market.
“Banks have flooded the market with dollars and other foreign currencies. This is making the naira to appreciate. There is still a huge stock of dollars out there that the banks will be pushing into the parallel market this week.”
The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, also noted that large amount of dollars in the market would make the naira to appreciate further at the parallel market this week.
Banks had last week told customers that they would no longer collect cash deposits into domiciliary accounts.
Fidelity Bank Plc, in an email to customers, said the policy came from the Central Bank of Nigeria and it was only a temporary measure to curb speculative activities.
Guaranty Trust Bank Plc also told customers about the development in an email statement.
“Banks no longer accept dollar cash due to large speculation on the currency,” the Chief Executive Officer, First City Monument Bank, Mr. Ladi Balogun, told a conference call last week
He said the lenders would continue to receive dollar transfers from other banks.
The Governor, Central Bank of Nigeria, Godwin Emefiele, had two weeks ago said the naira was “appropriately priced” at its current level of 197 to the dollar on the interbank market.
The local currency has lost around 15 per cent against the dollar over the past year, with an official devaluation in November and a de facto one in February.
The naira had weakened on the parallel market, falling as low as 245, on persistent dollar shortages after the central bank last month limited importers’ access to dollars in order to save the external reserves.
Early last month, the central bank fixed the spread at which bureaux de change operators could sell dollars to individuals, and also limited the amount that bank customers would spend using their debits cards abroad.
Although the restrictions have angered investors and frustrated companies that need dollars for imports, Emefiele has rejected the idea of loosening the curbs, saying the central bank could not adopt an “indeterminate policy” of currency depreciation.
Global ratings agency, Standards & Poor’s, had also said Nigeria would have to devalue its currency at some stage, possibly by more than 15 per cent, though it saw the adjustments as likely to be gradual.
FCMB’s Balogun had also noted that the parallel market was beginning to see a reversal in the naira’s weakness as banks stopped taking dollar deposits.