The Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari has said the company has not breached any of the enabling laws guiding its dealings with partners, hence should be counted out of any claims of economic sabotage.
Kyari, who was addressing the Senate Ad-Hoc Committee investigating alleged economic sabotage in the Nigeria Petroleum Industry at the National Assembly on Wednesday, stated that refining business is a straightforward business which any investor should know before coming into the market.
“Refining business is a straightforward business. You must secure (a source for) your feedstock and you must find a market. This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery,” Kyari stated.
According to the GCEO, the law is very clear on domestic crude oil supply obligation and also on providing for local refineries. However, Kyari added, the same law also said that there must be a willing buyer and a willing seller.
On alleged importation of sub-standard products into the country, Kyari said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any sub-standard product into the country.
The GCEO also supported calls for the Ad-hoc Committee to beam the interactive sessions live on national television to prevent misinforming Nigerians.
He explained that there is enough infrastructure to produce two million barrels of crude per day but the challenges of crude oil theft, pipeline vandalism and absence of investment in the upstream are the major factors hindering the sector.
He said as a company owned by the over 200 million Nigerians, the NNPC Limited has grown from a loss-making position to a profit-making entity.
While pledging full co-operation towards the Committee in its efforts to unravel the allegations being investigated, Kyari said the NNPC Limited, its entire board, management and staff remain loyal, faithful and committed to Nigeria and will continue to act in line with the provisions of the Petroleum Industry Act (PIA), the Company & Allied Matters Act (CAMA) and other enabling laws and regulations governing the nation’s energy Industry.
“We are faithful, loyal and committed to the progress and development of this country. It is our duty to protect the overall interest of this great nation. We are not in breach of any rules,” Kyari concluded.
Access Bank Appoints Uche Orji as Independent Non-Executive Director
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Holdings Plc (‘the Company’) is pleased to announce the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc (‘the Bank’), effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’).
orji
This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board.
Mr. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience. He is the Co-founder and Partner of Titangate Capital Management, an equity firm that invests in deep-tech, enterprise software, semi-conductors, hardware, and artificial intelligence companies.
He is the Founder and Director of Vitesse Africa Limited, an investment advisory firm focused on African energy, technology and infrastructure sectors. He serves as an Executive Board member and investor in Ultrasafe AI, an artificial intelligence/IT development firm that maintains strategic collaborations with leading technology companies. He also sits on the Board of Private Infrastructure Development Group, London, and chairs the Risk Committee.
Previously, Mr. Orji served as the founding Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority. He held positions as Managing Director and Senior Analyst at UBS Securities Limited New York and Managing Director and Head of European Technology/Semiconductor Equity Research at JP Morgan Securities, London. He also served as Executive Director/Portfolio Manager at Goldman Sachs Asset Management, London. Earlier in his career, he was Acting Financial Controller at Diamond Bank Limited and an Audit Trainee at Arthur Andersen & Co.
He holds a Bachelor of Engineering Degree in Chemical Engineering from the University of Port-Harcourt and a Master of Business Administration from Harvard Business School.
Commenting on the appointment, Mr. Paul Usoro, SAN, the Chairman of the Bank said:
“Mr. Orji has been appointed based on his exceptionally rich professional, academic, and corporate board experience which will be invaluable to the Bank as we continue to pursue our strategic objectives.
We are confident that his addition to the Board would further enrich the quality of our decision-making process, enabling us to deliver even greater value to our customers and stakeholders.
His appointment has been made in accordance with the Bank’s internal policies and has been notified to all relevant regulatory authorities underscoring our commitment to upholding the highest standards of corporate governance.
On behalf of the Board, Management and staff, I warmly welcome Mr. Orji to the Board and look forward to his contributions towards our goal of becoming one of the top 5 African Banks in the shortest possible time.”
Go and List Your Challenges, Lagos Speaker tells NANS Member During Courtesy Visit
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The National Association of Nigerian Students (NANS), Lagos State University (LASU) branch, on Friday paid a courtesy visit on the Speaker of the Lagos State House of Assembly, Princess Mojisola Lasbat Meranda.
The student representatives said the visit was to congratulate Meranda over her emergence as Speaker of the State Assembly.
Meranda, an alumnus of LASU, was elected Speaker on January 13 after the removal of Mudashiru Obasa by the lawmakers over issues relating to alleged high-handedness and financial impropriety.
Describing her as a thoroughbred Lagosian, the chairman of NANS, Abdulraheem Azeez, used the opportunity to list some of the challenges faced by students in the university.
According to him, students have had to read in darkness as the Ikeja campus gets less than two hours of power supply daily.
Azeez also raised the need for the State to make available loans for indigent students as well as for the Assembly to provide opportunities for students to witness the plenary of the House.
Meranda, while thanking the students for the visit, urged them to always attend town-hall meetings in their constituencies where they can contribute and make their opinions known.
She further encouraged them to apply for the loans initiated by the government as done by students in other countries.
The Speaker requested the students to formally send their complaints in written forms to the House for action.
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede charge members of the National Youth Service Corps, NYSC, to be change agents and strong resisting force against corruption.
He also enjoined them to be active foot soldiers and whistle-blowers or intelligence-gatherers against corruption.
Speaking on Thursday, January 30, 2025 at the NYSC Orientation Camp, Yikpata, Edu Local Government Area of Kwara State, Olukoyede said It is important for youths to realise that, these roles, if performed creditably, will bring up appreciable growth in the economy of our nation. He said that, “creative energies of youths will be maximised when corruption is brought to its knees.”
The EFCC boss whose address was delivered by the Head, Public Affairs Department, Ilorin Zonal Directorate of the EFCC, Ayodele Babatunde said that most of the problem confronting the country such as kidnapping, banditry, poor infrastructure, among others were connected to corruption. He added that all hands must be on the deck to tame the cankerworm.
Olukoyede encouraged the youths to embrace the virtues of hard work and shun fraudulent practices such as cybercrime noting that, “it’s profitable to earn dignity and fame through hard work and legit business.”
While calling on the youths to channel their potentials productively and shun crime, the EFCC Chair said that, “Yahoo-Yahoo is not a sustainable way of life.”
“There is no shortcut to wealth and fame. The fact that the rate of unemployment is high should not be an excuse to resort to crime. Act of criminality might deliver wealth in the short term but there will be misery and gnashing of teeth”, he said.