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INEC Engages EFCC, FIU In Tracking Campaign Funding

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5 years ago

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It is no longer business as usual for political parties and their candidates as the Independent National Electoral Commission (INEC) has kept a tab on their campaign funds. INEC specifically engaged the services of the Economic and Financial Crimes Commission (EFCC) and the Financial Investigation Unit (FIU) to track the campaign funds of all the parties and their candidates featuring in the 2019 general elections. The electoral umpire has also drafted the National Broadcasting Commission (NBC), the Nigeria Communication Commission (NCC), the Centre for Social Justice (CSJ), the Nigeria Police Force (NPF) and four other organisations to collaborate with the anti-graft agencies to do a thorough job. These revelations were made yesterday in Abuja during the inauguration of the Inter-agency Campaign Finance Monitoring Group by INEC national commissioner, Prof. Anthonia Okosi-Simbina. She said that the report of the 2019 campaign finances would be released immediately after the upcoming general elections. According to Okosi-Simbina,”we will check newspapers advert, TV, radio, billboards and we must see to the conclusion. Those who spent beyond what the legal framework provides for or spent outrageously will have themselves to blame.” The INEC chief declared that “vote-buying must be monitored too. And those reports must be published after the election. Unlike what happened in the past, six months will be too late for the report to be released. We will ensure compliance with the Electoral Act.” She said all the 10 groups engaged for the tracking of the campaign finances will be working with the electoral finance and party monitoring department of INEC. Similarly, INEC assistant director, Campaign Finance Tracking Unit, Ishaq Garba Aliyu, said that they recorded a milestone in the 2015 campaign finance tracking, adding that the commission would not leave anything to chances in 2019. “We have built the capacity of the staff members. They reviewed the tracking forms to include separate forms for candidates and political parties. The tracking ends on the day of the election,” Aliyu stated. No Politician Teleguiding Our Operations – INEC Meanwhile, INEC has dismissed the insinuations that its management led by Prof. Mahmood Yakubu was being teleguided by some politicians. INEC administrative secretary in Ekiti State, Dr. Muslim Omoleke, stated this yesterday in Ado Ekiti. He said that the commission under Yakubu is truly independent. Omoleke maintained that “no one controls INEC because we are empowered by laws to enjoy financial and administrative autonomy. It is no longer easy for them to control us.” He disclosed that 14 political parties in Ekiti State would participate in the National Assembly elections holding across the country on Saturday. Overall, 73 political parties are featuring in this year’s general elections. The INEC official assured the voters that the smart card readers would record zero failure during the polls, unlike what obtained in past elections, where commission’s personnel had to resort to incident forms for persons who fell victims of the malfunctioning machines. Omoleke added that politicians would be disappointed on Saturday if they rely on the strategy of vote-buying to win elections, saying the polling booths would be arranged in such a way that would counter such electoral heist. “We want to assure Nigerians that we will be fair to all parties. To us in INEC, no party is big or small, they are the same and it is with that spirit we are going to deal with them on the day of elections,” he said. On the issue of vote-buying, Omoleke said, “politicians won’t find it easy this time. We have mapped out our strategies and we are working closely with the security agencies to make perfect arrangements in our polling booths in such a way that no one can know where and who you actually voted for. “Apart from vote-buying, politicians also resort to ballot box snatching to win elections. This can no longer work because anywhere such an incident is recorded, the poll will be cancelled and repeated the second day. “Perpetrators of such have nothing to gain because they will automatically lose such votes to cancellation and if they are caught during ballot snatching or identified by security agencies, they will be prosecuted”, he warned. Votes Will Count, INEC Insists Also yesterday, INEC insisted that votes cast in the 2019 general elections would count. While receiving the Commonwealth Election Observer Team, INEC chairman (Yakubu) said that the off-season elections conducted by the commission were adjudged free and fair, adding that the commission would ensure that the conduct of the polls conforms with the international best practices. Yakubu said: “The elections on the 16th February and 2nd March, 2019, will be free, fair and credible. The votes will count,” stressing that INEC invited the Commonwealth to observe the election and not to monitor. He said: “I learn that the Commonwealth has deployed people to many states of the federation. The 32 recommendations the Commonwealth made after the 2015 general elections are being implemented administratively.” The INEC boss explained that recommendations which require the amendment of the constitution and the Electoral Act would be implemented when the laws are repealed. “The last recommendation of the Commonwealth Mission was accreditation and voting at the same time. The 2019 general elections will witness accreditation and voting simultaneously,” he said. Former President of Tanzania, Dr. Jakaya Kikwete, who led the delegation, said that they were in the country to observe and not to monitor the election. He said: “We want to know INEC preparedness on the election because we will be visiting many places. After the election, we will prepare a comprehensive report. We have already prepared a preliminary report on the election,” Kikwete said. DSS Warns Against Hate Speech, Fake News In another development, the Department of State Services (DSS) has warned Nigerians, especially politicians to desist from hate speech, fake news and other activities capable of causing trouble before, during and after the 2019 elections. The DSS, in a statement by its spokesman, Mr. Peter Afunanya, said that “the Service will not condone fake news, incendiary or hate speeches designed to whip up dangerous ethnic, religious and/or political sentiments capable of stoking the embers of violence. “Consequently, prospective lawbreakers are forewarned to steer clear of acts capable of undermining national security and stability. The Service will, however, not stand idly and watch miscreants and mischief makers bring avoidable chaos and disorder upon the nation,” Afunanya said. He said that “politicians and the youths are expected to shun all acts of violence the same way observers are urged to keep to the fundamentals and principles of election monitoring as allowed by law and global best practices. “Without doubt the Electoral Act is clear on the roles of stakeholders. The common aim of all and sundry should be for Nigeria to hold successful elections that will be adjudged free, fair, transparent and credible and accepted nationally and internationally. Everyone is urged to conduct his or herself properly before, during and after the elections and avoid actions that may cause the breakdown of law and order.” According to him, “the DSS will professionally discharge its statutory mandate which, among others, is to detect and prevent threats and crimes against the internal security of Nigeria. Also, it will appropriately engage stakeholders. This is for the protection and success of the elections. Therefore, ensuring security that will make the electoral process noble and acceptable to participants and their supporters is uppermost to the Service. In this regard, the Service is determined to identify and arrest criminals and their collaborators whose activities are counter to the national objective of achieving peaceful and orderly elections.” Court Asked To Disqualify Atiku From Presidential Poll And five days to the presidential election, a group, the Incorporated Trustees of Egalitarian Mission for Africa, has sued the presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, over his claim of Nigerian citizenship. The suit marked FHC/ABJ/CS/177/2019 and dated February 11, 2019, was filed on behalf of the group by Mr. Kayode Ajulo. In the suit, the plaintiff wants an interpretation of section 25(1) and (2) and 131(a) of the Constitution of the Federal Republic of Nigeria, 1999, (as amended). Other defendants in the suit are the PDP, INEC, and the attorney-general of the federation and minister of justice. The group wants the court to determine, “whether section 25 of the 199 Constitution (as amended) is the sole authority that spells out ways by which a person can become a Nigerian citizen by birth? “Whether by the provisions of section 131(a) of the same constitution, only a Nigerian citizen by birth can contest for the office of the President of the Federal Republic of Nigeria? “Whether by the combined interpretation of sections 25(1) and (2) and 131(a) of the same constitution and giving the circumstances surrounding the birth of the 1st defendant, he can be cleared by the 2nd and 3rd defendants to contest for the office of the president of Nigeria?” If the answers to the aforesaid questions are resolved in favour of the plaintiff, consequently, the group prayed for the following reliefs: “A declaration that by the provisions of Section 131(a) of the Nigerian constitution, only a Nigerian citizen by birth can contest for the office of the president of the country. “A declaration that by the combined interpretation of sections 25(l) and (2) and 131(a) of the constitution and giving the circumstances surrounding the birth of the 1st defendant, he cannot be cleared by the 2nd and 3rd defendants to contest for the office of the president of Nigeria. In an affidavit deposed to by one Michael Okejimi, a legal practitioner in the law firm of Kayode Ajulo, he averred that Atiku was born on the 25th November, I946. “That from the 1st defendant’s own testimony that is gazetted and published in most national dailies in circulation, he is from Jada town in Adamawa State and Jada used to be in Ganye local government area in Adamawa State. “That Ganye is regarded as the mother of the whole Chamba tribe. “That Ganye, however, was never part of Nigeria legally as at the date of birth of the 1st defendant. “That the area had been entrusted to Britain by a League of Nations mandate in l919 and later as Trust Territory by the United Nations in l946. “That with the defeat of Germany in World War I, Cameroon became a League of Nations mandate territory and was split into French Cameroons and British Cameroons in 1919. “That while France integrated the economy of their part of Cameroon with that of France, the British administered theirs from neighbouring Nigeria, making 1st defendant’s Jada, a British franchise. “That a plebiscite was held in British Cameroons to determine whether the people preferred to stay in Cameroon or align with Nigeria. “That while Northern Cameroon preferred a union with Nigeria, Southern Cameroon chose alignment with the mother country. “That on June 1, I961, Northern Cameroon became part of Nigeria, and on October 1, 1961, the Southern territory dissolved into Cameroon. “That Ganye, which incorporates the 1st defendant’s birthplace of Jada was the headquarters of British Cameroons, but it joined Nigeria following the plebiscite. “That when the lst defendant was on November 25, I946 born to a Fulani trader and farmer Garba Abubakar, Jada village and other parts of Chamba land in the then Northern Cameroon were still known as British Cameroons. “That none of the lst defendant’s parents or grandparents was born in Nigeria. “That the Ist defendant’s father died a citizen of Northern Cameroon in I957 prior to the referendum of June 1, 1961, that made Northern Cameroon became part of Nigeria.”

 

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NCDMB Receives N450m Interim Dividend from Waltersmith Modular Refinery…. Firm declares N4.5bn Dividend for 2023

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4 hours ago

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April 30, 2024

By

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Nigerian Content Development and Monitoring Board (NCDMB) announced on Monday that it had received an interim dividend payment of N450 million out the
N1.5bn declared by the Waltersmith Refinery and Petrochemical Company Limited.

This payment represents NCDMB’s 30% share in the company for the year ended 2023.

The NCDMB had in July 2018 invested $10m to acquire 30% stake in the 5000 barrels per day (bpd) modular refinery project located at Ibigwe, Imo State, to support the Federal Government’s policy on modular refinery, stimulate investment and create employment opportunities.

Rising from a Board Meeting of Waltersmith Refinery and Petrochemical Company Limited, the Executive Secretary NCDMB, Engr. Felix Omotsola Ogbe confirmed that a total dividend of N4.5bn had been approved for the year 2023, pending final approval at the Annual General Meeting (AGM). The company reported a total profit of N23.6bn as profit after tax for the same year.
The Executive Secretary hinted that NCDMB expects to receive additional 30% of the outstanding N3bn dividend after the AGM is convened later this year.

He added that the receipt of this interim dividend payment is a testament to the strong performance and profitability of Waltersmith Refinery and Petrochemical Company Limited. “The NCDMB is proud to be a part of this success and looks forward to continued collaboration with the company in the future,” he stated.
He affirmed that the company is upscaling the refinery capacity from 5000 bpd to 10,000bpd and the expansion project is 44% completed and on time to be commissioned by early 2025.

NCDMB’s investment in the Waltersmith project was also geared to catalyse the industrialisation of the Nigerian oil and gas industry and its linkage sectors and deepen Nigerian Content in the oil and gas industry. It was the first third-party investment embarked by the Board, and it provided proof of concept and paved the way for other successful investments by the Board.

Two weeks ago, NCDMB received a cheque of $1 million from Nedogas Development Company Limited (NDCL), being part of the return on investment (ROI) on one of the Board’s strategic investments.

The cheque was presented by the Chairman of the company, Engr. Emeka Ene when he visited the Nigerian Content Tower in Yenagoa Bayelsa State, where he was received by the Executive Secretary, Engr. Felix Omatsola Ogbe and other members of the Board’s management.

Nedogas Development Company Limited (NDCL) is a joint venture company between Xenergi Limited and NCDMB Capacity Development Intervention Company and it culminated in the construction and commissioning of a 300 MMscfd Capacity Kwale Gas Gathering (KGG) and injection facility located in the Umusam Community, near Kwale in Delta State, Niger Delta, Nigeria.

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8 hours ago

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April 30, 2024

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Seplat Energy Lauds Executive Orders of Federal Government

… Says Actions Driving Much Needed Efficiency Gains

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Seplat Energy PLC, a leading Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announces its unaudited results for the three months ended 31 March 2024, declaring US 3 Cents dividend per share for the period.

For the period under review, production averaged 49,258 barrels of oil equivalent per day (boepd), down 4.8% on prior period (3M 2023: 51,720 boepd), but 5.7% above Q4 2023 production, and towards the upper end of 2024 guidance (44,000 boepd – 52,000 boepd).

Seplat Energy also achieved more than 2.3 million hours without Lost Time Injury (LTI) at Seplat-operated assets in Q1 2024.

The Company also applauded the progressive moves taken by President Bola Tinubu and the industry regulators, following the signing of the executive orders that will provide fiscal incentives in Nigeria’s gas and midstream businesses. In addition, an executive order was signed and gazetted into law, which has potential to materially improve our contracting process and bring the right level of efficiency that will support costs reductions. This can drive the much-needed efficiency gains across our industry.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently lifted the domestic gas price to $2.42/Mscf supporting revenue generation and re-emphasising the government’s commitment to develop Nigeria’s gas resources, a factor aligned with Pillar 2 in our strategy.

According to Seplat Energy, the message to investors on the acquisition of ExxonMobil’s share capital in Mobil Producing Nigeria Unlimited (MPNU) is unchanged. Dialogue between key parties is active and constructive, and the company remains confident that a conclusion will be reached on the transformational acquisition.

Operational highlights

• Production averaged 49,258 boepd, down 4.8% on prior period (3M 2023: 51,720 boepd), but 5.7% above Q4 2023 production, and towards the upper end of 2024 guidance (44,000 boepd – 52,000 boepd).

• ANOH gas plant pre-commissioning works ongoing. Seplat maintains its first gas target in 3Q 2024.

• Sibiri-1 on stream a few weeks after FDP approval, work ongoing to commence production from Sibiri2.

• Discovery of hydrocarbons in previously untested deep reservoirs at Sapele-37 and Okporhuru-9.

• Carbon emissions intensity: 29.4 kg CO2/boe (3M 2023: 26.4 kg CO2/boe). End of Routine Flaring (“EORF”) projects are on track, with EORF expected in H2 2025, these will deliver a material reduction in emissions intensity.

• Achieved more than 2.3 million hours without Lost Time Injury (“LTI”) at Seplat-operated assets in Q1 2024.

Financial highlights

• Revenue $179.8 million, down from $331.0 million in 3M 2023 (after adjusting for underlift and overlift oil volumes, 3M 2024 adjusted revenues of $236.3 million, against $255.6 million in 3M 2023).

• Average realised oil price $86.17/bbl (3M 2023: $82.32/bbl); average realised gas price $3.11/Mscf (3M 2023: $2.88/Mscf).

• Unit production opex of $9.6/boe, (3M 2023: $9.0/boe).

• Cash generated from operations of $16.8 million, primarily due to timing of liftings, $95 million received in April for volumes lifted in March, down from $145.0m in Q1 2023. Capex invested of $47.1 million (3M 2023: $44.7 million)

• Balance sheet cash down to $335.8 million (YE 2023: $450.1 million), $128 million MPNU cash deposit not included.

• Net debt at end March increased to $385 million (Dec 2023: $305 million), a further $19.3 million of RBL borrowings were repaid in the quarter. Net Debt to EBITDA was 0.9x.

• Q1 2024 dividend declared of US3.0 cents per share.

Corporate Updates

• On 1st April 2024 Mr. Udoma Udo Udoma became Independent Non-Executive Chairman and Mr. Bello Rabiu became Senior Independent Non-Executive Director of the Seplat Energy Board.

• On 1st May 2024 Mrs. Eleanor Adaralegbe will join the Board of Seplat as an Executive Director and will succeed Mr. Emeka Onwuka as Chief Financial Officer on 21st May 2024.

• Full year guidance unchanged. Production 44,000-52,000 boepd, capex $170 million – $200 million.

• Working with NNPC and government to conclude the acquisition of ExxonMobil’s share capital in Mobil Producing Nigeria Unlimited (“MPNU”). We remain confident that President Tinubu’s administration will approve the transaction.

Post-reporting period events

• NMDPRA increased the domestic market gas price to $2.42/Mscf from $2.18/Mscf, effective 1 April 2024. New pricing will be applied to approximately 30% of gas volumes.

• On April 14th, 2024, after approximately 2 years of outage, Zone-6 of SPDC operated Trans Niger Pipeline (“TNP”) resumed operations, four months ahead of management’s expectations.

Commenting on the results, Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “Seplat Energy continued its trend of strong operational performance in the first quarter. Oil production on OMLs 4, 38, 40 and 41 outperformed expectations, benefitting from low pipeline losses and deferments, which were ahead of plan. Cash flow was down in the first quarter, but this is largely due to timing difference of lifting oil from the terminals. The business remains strong, production is firmly on track this year and price realisations remain supportive of cash generation.

“In our FY 2023 results we outlined several growth opportunities for 2024. The first of these to start generating revenue for Seplat is Sibiri, which came on stream just a few weeks after the FDP approval was received from NUPRC. At Abiala (a marginal field within OML 40), the drilling programme is on track to start during 2Q. We were delighted to see resumption of operations on the Trans Niger Pipeline in April, approximately four months ahead of plan. Access to the pipeline will enable us to increase production from OML53, as well as providing the primary export route for condensate from AGPC, which remains on track for first gas in 3Q 2024.

“Looking further forward, we are pleased to share that we discovered hydrocarbons in deeper reservoirs than had previously been tested at Sapele-37 and Okhorpuru-9. The initial results are promising, again highlighting the world class quality of the geology in Nigeria.

“In Nigeria, we were pleased to see more progressive actions taken by President Tinubu and the industry regulators. In March, the President signed executive orders that will provide fiscal incentives in our gas and midstream businesses. In addition, an executive order was signed and gazetted into law, which has potential to materially improve our contracting process and bring the right level of efficiency that will support costs reductions. We applaud the change, which can drive much needed efficiency gains across our industry. More recently NMDPRA lifted the domestic gas price to $2.42/Mscf supporting revenue generation and re-emphasising the government’s commitment to develop Nigeria’s gas resources, a factor aligned with Pillar 2 in our strategy.

“Our message to investors on MPNU is unchanged. Dialogue between key parties is active and constructive, and we remain confident that we can reach a conclusion on this transformational acquisition.”

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VETERAN BANKER, JIM OVIA, APPOINTED CHAIRMAN OF NIGERIAN EDUCATION LOAN FUND BY PRESIDENT TINUBU

Published

4 days ago

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April 26, 2024

By

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H


President Bola Tinubu has approved the appointment of the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND). This was announced in a State House Press Release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale on April 26, 2024.


According to the statement, ‘‘the President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.’’


Jim Ovia, CFR, is the Founder and Chairman of Zenith Bank Plc, one of Africa’s largest banks with over $21.4 billion in assets and shareholders’ funds of over US$2.4 billion as at December 2023.

Zenith Bank is a global brand listed on the London Stock Exchange and the Nigerian Stock Exchange.

In addition to major operations in Nigeria and other West African countries, the Bank has sizeable operations in London and Dubai.


Jim Ovia is the Founder and Chancellor of James Hope University, Lekki, Lagos which was recently approved by the National Universities Commission (NUC) to offer postgraduate degrees in business courses.

James Hope University commenced activities in September 2023.


Through his philanthropy – the Jim Ovia Foundation – he has shown the importance he accords good education.

In support of the Nigerian youth, Jim Ovia Foundation offers scholarships to indigent students through the Mankind United to Support Total Education (MUSTE) initiative. Most of the beneficiaries of Jim Ovia Foundation scholarship are now accountants, business administrators, lawyers, engineers, doctors etc.
He is the author of “Africa Rise and Shine”, published by ForbesBooks.

The book which encapsulates Zenith Bank’s meteoric rise, details the secrets of success in doing business in Africa.

He is an alumnus of the Harvard Business School (OPM), University of Louisiana (MBA), and Southern University, Louisiana, (B.Sc. Business Administration). Jim Ovia is a member of the World Economic Forum (WEF) Community of Chairpersons, and a champion of the Forum’s EDISON Alliance.


In recognition of Jim Ovia’s contributions to the economic development of Nigeria, in 2022, the Federal Government of Nigeria honoured him with Commander of the Federal Republic, CFR. Also, in May 2022, Jim Ovia was conferred with the National Productivity Order of Merit (NPOM) Award by the Federal Government of Nigeria.

Earlier, he has been conferred with the national awards of Member of the Order of the Federal Republic, MFR, and Commander of the Order of the Niger, CON, in 2000 and 2011, respectively, as a testament to his visionary leadership and contributions to Nigeria’s financial services sector.


The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

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