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$1.05bn is Not Missing From NLNG –Senate

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Lukman Amusa

The Senate Committee on Gas Resources and the Nigeria National Petroleum Corporation on Thursday says $1.05bn is not missing from the Nigerian Liquefied Natural Gas dividend account.

Chairman of the committee, Senator Bassey Akpan, and the Chief Financial Officer of NNPC, Mr. Isiaka Abdulrazaq, stated this at a meeting between members of the committee and NNPC officials in Abuja.

Akpan and Abdulrazaq noted that contrary to media reports, the issue at stake is on the legality of the utilisation of the 1.05 billion dollars by the NNPC for importation of fuel, and not on whether or not the money is missing.

The meeting was in continuation of investigation by the committee into the utilisation of the 1.05 billion dollars by the NNPC from the NLNG dividend fund to “augment under-recoveries” in fuel importation.

The Group Managing Director of the NNPC, Mr. Maikanti Baru, confirmed the spending at a Senate hearing recently.

Baru had said the NNPC took the action following the removal of fuel subsidy in 2016, and the resultant withdrawal of independent oil companies from importation of the product.

He had said the withdrawal was in line with the NNPC Act which empowers the company to fund its operations from its revenue.

But the lawmakers believe the NLNG dividend fund is revenue meant for the three tiers of government and thus the NNPC lacks powers to unilaterally draw from it.

At Thursday’s meeting, Akpan said documents made available to the committee by the NNPC showed that another 1.05 billion dollars was transferred from the NLNG account.
He asked why the NNPC vide a letter dated November 30, 2016, authorised the CBN to transfer the money and for what purpose.

Responding, Abdulrazaq said the transaction was an internal entry of the CBN regarding the movement of the fund from one NLNG dividend account to another, and not payment to a third party.

Giving more explanation on the transaction, the Group Managing Director, Treasury, of the corporation, Mr. Dapo Segun, said there are two NLNG dividend accounts.

Segun identified the accounts as the NLNG Bank of International Settlement Account and the NLNG Standard Chartered Bank Account.

He said that following the adoption of the Treasury Single Account policy of the Federation Government, deposit money banks holding the NLNG dividend funds were directed to transfer them to the CBN.

The CBN, according to him, told the NNPC that it had deposited the funds in the NLNG BIS Account, which he said was not operational.

Segun said the November 30, 2016 memo cited by the Akpan simply asked the CBN to transfer the money from the BIS Account to the NLNG Standard Chartered Bank that was operational.

“So, CBN did move the money pursuant to our instruction, and then subsequently, CBN reversed that transaction which was still between NLNG accounts.

“So, the money never left the NLNG dividend account; it moved from one NLNG dividend account to another NLNG dividend account,” he said.

After Segun’s clarification, Abdulrazaq told the senators that the CBN was in the right position to explain why it reversed the transfer from NLNG Standard Chartered Account to the BIS Account.

He noted that the issues being discussed at the hearing bordered on the legality of the utilisation of the $1.05bn on fuel importation, and not on whether or not the money was missing.

The NNPC CFO said the clarification became necessary following misleading reports in the media that the money was missing.

Abdulrazaq said the reports were sending wrong signals about the government to its foreign partners and potential investors.

At this point, the committee chairman pleaded with newsmen around to refrain from misrepresentation of facts and report the proceeding verbatim.

Akpan said, “Please pressmen, nobody is saying that money is missing, I plead with you to report the outcome of this meeting verbatim.

“We are only engaging the NNPC to understand the rudiments and dynamics of the NLNG dividend account,” he said.

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Pernod Ricard’s CEO for Africa and Middle East Visits Nigeria, Reinforcing Market Commitment Amidst Dynamic Landscape

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Pernod Ricard’s CEO for Africa and Middle East Visits Nigeria, Reinforcing Market Commitment Amidst Dynamic Landscape

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Pernod Ricard, the world’s second-largest wine and spirits company, reaffirmed its dedication to Nigeria’s thriving market through a recent visit by Africa and Middle East CEO, Selcuk Tumay, accompanied by Chief Financial Officer Africa, Nevzat Akkiz, and Managing Director Africa, Sola Oke.

Pernod Ricard’s Africa and Middle East CEO, Selçuk Tümay (center), with Pernod Ricard Nigeria Management Team, MD, Pernod Ricard Africa and CFO, Pernod Ricard Africa and Middle East, Nevzat Akkız, during the recent visit of Selçuk Tümay to Pernod Ricard Nigeria.

The visit began with a business review at Pernod Ricard’s Lagos office, assessing regional performance and strategic planning.  A “Meet and Greet” session recognized local employees’ talents, fostering conviviality.

An immersion into the Nigeria’s vibrant retail landscape followed with an open market visit to Oke-Arin Market, guiding discussions on adapting marketing strategies. Retail partnerships were reinforced by visits to top stores, enhancing in-store experiences.  At night-time, On-trade visits showcased Pernod Ricard’s premium offerings.  The Key Distributors were not left out during the visits. These visits underscored collaborative relationships for a brighter future.

Selcuk Tumay stated, “Despite Nigeria’s complexities, especially foreign exchange volatility, we are optimistic. Adapting strategies will drive growth, support local partners and deliver exceptional consumer experiences.”

Exploring operational excellence: Pernod Ricard’s Africa and Middle East CEO, Selçuk Tümay, during a recent visit to Pernod Ricard Nigeria’s warehouse.

Building on success in Turkey and the Middle East, where innovative marketing and strategic partnerships fuelled double-digit growth, Pernod Ricard applies these learnings to Nigeria.

“We can leverage Turkey’s and the Middle East’s successes and best practices to navigate Nigeria’s challenges and unlock opportunities,” added Selcuk.

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SUNU Nigeria’s Free Mammogram/Breast cancer Screening Receives Positive FeedbackSUNU Nigeria

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SUNU Nigeria’s Free Mammogram/Breast cancer Screening Receives Positive FeedbackSUNU Nigeria –

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

SUNU Assurances Nigeria Plc, a leading insurance company and SUNU Health Nigeria Limited, a reputable health maintenance organization (HMO) in Nigeria, has received overwhelming positive feedback from beneficiaries of its recent free 3D mammogram-breast cancer screening initiative.

The program was launched to raise awareness about breast cancer and provide early detection services, was widely lauded by participants.As gathered, SUNU Nigeria remains committed to promoting preventive healthcare and empowering women.

Through the offering of free breast cancer screenings, the company aims to reduce the burden of breast cancer and improve the overall health and well-being of Nigerian women.

The initiative, which took place at DIAMED Centre, located at heart of Lekki, Lagos, attracted a large number of women from diverse backgrounds.

The screening process, which included mammograms and clinical breast examinations, was conducted by experienced medical professionals.Mrs Ajayi Funmilola, one of the 100 women who benefited from the screening exercise expressed her gratitude to the company.

“I’m so grateful to SUNU Nigeria for providing this free advanced mammogram screening. Of course, early detection is key, and this initiative has given me peace of mind.

Thank you for prioritizing women’s health”.Another beneficiary, Arogudade Feyisayo said, “The 3D mammogram screening offered by SUNU Nigeria was a game-changer.

It was a quick, painless, and thorough experience. I’m incredibly grateful for this opportunity to benefit from this initiative, I hope the company continue to be productive as they continue and increase the tempo in the future”.

“I’m incredibly happy to have had the opportunity to undergo a free 3D mammogram screening. It’s heartwarming to see a company like SUNU Nigeria prioritizing women’s health. May God continue to bless and prosper your organization,” commented Mrs. Olabisi Ajayi.

Commenting on the initiative, Mrs. Yusuf Japari, Head of Corporate Services at SUNU Assurances Nigeria Plc, highlighted the importance of corporate social responsibility, stating that the free mammogram screening is just one example of the company’s commitment to improving public health.

Mrs Yusuf stated, “At SUNU Nigeria, we believe in giving back to the community. By providing free 3D mammogram screenings, we’re not just offering healthcare; we’re empowering women to prioritize their health and well-being.

We are committed to continuing these initiatives to improve public health.”Dr. (Mrs.) Abiola Olorode, CEO of Diamed Centre stated that her facility is proud to partner with SUNU Nigeria to offer free breast cancer screenings during Breast Cancer Awareness Month. “By joining forces, we aim to promote early detection, educate women about breast cancer prevention, and ultimately save lives. We thank SUNU Nigeria for their commitment to improving public health and for sharing our vision of a healthier future.” SUNU Nigeria, encompassing SUNU Assurances and SUNU Health, is dedicated to improving as well as adding comfort to the lives of Nigerians.

SUNU Assurances offers reliable insurance coverage, while SUNU Health provides cost-effective healthcare solutions.

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Celebrate the Spirit of Christmas in Style This Season at Transcorp Hilton Abuja

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Celebrate the Spirit of Christmas in Style This Season at Transcorp Hilton Abuja

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

As December approaches, there is a buzz in the air, and people everywhere are starting to feel the magic of Christmas. Streets are filled with lights, homes are filled with vibrant decorations, and family plans for the holidays are well underway.

For those looking to truly immerse themselves in the festive spirit this year, Transcorp Hilton Abuja promises to be a holiday destination like no other, subtly transforming into a Christmas haven.

A Festive Transformation Like No Other

The Christmas season always brings with it a sense of warmth and celebration, and stepping into Transcorp Hilton Abuja this December will be like entering a world of Christmas magic. Visitors will be met with dazzling lights, shimmering ornaments, and beautifully crafted décor designed to spark joy and create a sense of wonder. The festive transformation at Transcorp Hilton Abuja is a nod to the holiday spirit, crafted to make guests feel like they’re part of something truly special.

Holiday Feasts with a Festive Twist

No Christmas experience is complete without a delicious spread, and Transcorp Hilton Abuja is ready to bring out the best of both traditional and contemporary festive flavours. This year’s holiday buffet will offer an array of treats, perfect for those who appreciate a hearty meal that captures the season’s spirit. The hotel’s talented chefs have worked tirelessly to prepare a Christmas dining experience that is both memorable and fitting for any holiday celebration.

Activities for Family & Friends to Enjoy Together

Christmas is a time for family, and the holiday lineup at Transcorp Hilton Abuja will include activities that bring everyone closer together. From cheerful carol singing to hands-on experiences like bead-making and festive games for kids, there’s something for everyone. With special appearances by Santa Claus, children can look forward to joyful surprises, making Transcorp Hilton Abuja a wonderful setting for families to make memories together.

Moments to Unwind in Holiday Comfort
For those looking to escape the holiday rush and unwind, Transcorp Hilton Abuja also offers spaces designed for pure relaxation. With accommodations overlooking Abuja’s skyline and a holiday-themed spa offering rejuvenating treatments, guests can relax and recharge before rejoining the celebrations. The tranquil atmosphere of the hotel provides the perfect balance to the holiday excitement.

Ring in the New Year with Elegance
As 2025 approaches, Transcorp Hilton Abuja invites everyone to ring in the new year in style with its New Year’s Eve Gala and New Year Countdown, making way for fresh starts and new memories.

Join the Celebration at Transcorp Hilton Abuja

This season, the warmth, joy, and traditions of Christmas come alive at Transcorp Hilton Abuja, a place ready to welcome all who wish to make this holiday season unforgettable. Whether you are looking for a festive family retreat, a romantic getaway, or a joyful celebration with friends, this is a destination crafted to capture the essence of Christmas.

This December, let the spirit of the season come alive—celebrate in the heart of Abuja, where every moment is filled with the magic of Christmax

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