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House probes TCN’s $1.5bn, $500m Foreign Loans

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Reps C’ttee asks FIRS to return N4.6bn to FCT

…As Court orders interim forfeiture of ex-minister’s 14 houses***

The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria.

This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank.

The House resolved on Wednesday to investigate the operations of the TCN in the past 10 years, especially the loans, which it said were taken without applying due process of the law.

The motion calling for the probe was moved by a member from Kaduna State, Mr. Simon Arabo.

The motion stated, “The House notes that the TCN is wholly owned by the Federal Government through the Ministry of Finance Incorporated and the Bureau of Public Procurement, which hold the shares on its behalf.

“(The House is) aware that the TCN has taken loans amounting to $1.5bn from the World Bank and other international lenders over a period of time without complying with the provisions of Section 44 of the Fiscal Responsibility Act (2007).

“It is also aware that the loans were utilised without the appropriation of the National Assembly, contrary to Sections 80-83 of the Constitution of the Federal Republic of Nigeria, 1999.

“Further aware that the TCN is currently negotiating another loan of $500m with Islamic Development Bank and has been violating the provisions of the Public Procurement Act in contract procedures as its contract processes are opaque.”

The House directed its Committees on Power, Public Procurement and Aids/Loans/Debt Management to conduct the investigation on the matter within eight weeks.

The session, which was presided over by the Speaker, Mr. Yakubu Dogara, passed another resolution, seeking the payment of N1.8bn to poultry farmers in the country for the loss of their birds to Avian Influnza last year.

The motion was moved by the Chairman, House Committee on Media and Public Affairs, Mr. Abdulrazak Namdas.

He recalled that in 2016, during an outbreak of the disease, farmers lost over 3.6 million birds.

Namdas added that following an investigation by the Federal Ministry of Agriculture and a meeting between the then Acting President Yemi Osinbajo and the farmers, a compensation of N1.8bn was recommended.

However, the lawmaker told his colleagues that till date, the money had not been released to the 450 affected farmers.

“Till date, none of the farmers screened for the payment has received money. These farmers and their employees depend largely on the poultry for their livelihood,” he said.

The House endorsed the motion and asked the Committee on Agricultural Production Service to look into the matter with a view to getting the funds released to the farmers.

In the meantime, Justice Nnamdi Dimgba of the Federal High Court in Abuja has ordered the interim forfeiture of 14 houses in “choice areas” of Abuja. They are believed to be owned by former Minister of the Federal Capital Territory (FCT) Bala Mohammed and his son, Shamsuddeen.

The judge gave the order yesterday while ruling on an ex-parte application brought by the Economic and Financial Crimes Commission (EFCC).

Justice Dimgba ordered the EFCC to publish a notice in a newspaper and on the EFCC’s website “inviting all persons/bodies, who may have interest in the properties to show cause why the said properties should not be forfeited to the Federal Government of Nigeria.”

The EFCC stated in the ex parte application that Mohammed and his son have denied either owning the properties or having any link with them.

The commission said the preliminary investigation it conducted revealed that the properties listed on the schedule, attached to the application, were unlawfully acquired through corrupt practices by Mohammed and his son, when he was in office as Minister of the FCT.

The properties, according to the EFCC included one “mansion” located at Sunrise Estate, Asokoro; three sets of four-bedroom semi-detached duplex at Green Acres Estate, Apo-Dutse;  two sets of four-bedroom fully detached duplexes each with a boys’ quarters on Gana Street, Maitama, Abuja, close to Transcorps Hilton Hotel, Abuja.

The EFCC also listed a four-bedroom detached duplex with boys’ quarter located at 9, Platinum Luxury Home White Estate, Asokoro, Abuja.

From some documents attached to the application by the EFCC, facilities in ?some of properties include “excellent road and drainage network; dedicated transformer; borehole for constant water supply; fitted kitchen, bedroom cabinet and wordrobes; ample parking space; and children playing ground”.

The rest of the properties are plots of land in six different locations in Abuja. They include the one located at Karasana West, Abuja, measuring 84,657.30m2; Industrial Area 1 Extension, Abuja, measuring 1.45Ha; and Guzape, Abuja measuring 2.7Ha.

Others were located at Industrial Area 1 Extension, Abuja, measuring 1.26Ha; Karasana West, Abuja measuring 64,507m2; and Dakibiyu, Abuja measuring 1,251.15m2.

Before yesterday’s order, the EFCC had previously seized some properties from Mohammed and his son, who are both being tried in separate courts in Abuja. Mohammed is being tried before a High Court of the Federal Capital territory (FCT), while his son is on trial before Justice Dimgba.

The EFCC stated in an affidavit supporting its ex-parte application that “the crux of the application is that the respondents are being investigated for offences bordering on abuse of office, fraudulent land scams, corruption and corrupt practices, money laundering an?d diversion of revenue of government while being the Minister of the Federal Capital Territory, Abuja”.

It also stated that the properties traced to the father and son were “reasonably suspected to be proceeds of unlawful activities and crimes, kept and concealed in the names and proxies and nominees of the former Minister of the Federal Capital Territory, Senator Bala Mohmmed, and his son, Shamsuddeen Bala Mohammed and for their benefit have been recovered and seized”.

The EFCC said the properties were held in the names of different companies and one Maimuna S. Aliyu.The commission described Aliyu as Bala’s proxy allegedly used to the houses 1A and 2A of No. 7 Gana Street Maitama, Abuja.

The companies in whose names some of the properties were said to be held are Intertrans Global Logistics/Bird Trust Agloallied Limited, Gal Vac Mining Limited, and Diakin Telecommunication Limited.

Giving the details of its investigation, the EFCC maintained that the former minister and his sons are the owners of the of Diakin Telecommunications Ltd, Bal-Vac Mining Ltd, Bird Trust Nig Ltd and Intertrans Global Logistics Ltd, and Intertrans Global Logistics Ltd  in whose names some the properties were acquired.

The commission also alleged that Mohammed, while still being the FCT minister appointed JemilaTangaza as Special Assistant and, thereafter, Director of Abuja Geographic Information System (A018) “to facilitate fraudulent allocations of plots of land to her and her proxies and nominees in choice areas”.

The EFCC alleged that the plots of lands were sold and their “proceeds laundered in the acquisition of some these houses like House No 9 Plantinurn White Estate Abuja, acquired in the name of Mohammed Musa.”

It said Intertrans Global Logistics Ltd was linked to the son of the former minister, Shamsuddeen.

Punch with additional report from Nation

Economy

PETROL: ‘Be Wary Of Substandard Product Dumping’, Dangote Refinery Tells Nigerians

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PETROL: 'Be Wary Of Substandard Product Dumping', Dangote Refinery Tells Nigerians

…Says citizens’ health and vehicle longevity are seriously at risk!

The Dangote Refinery on Sunday warned that Nigerians may soon begin to buy substandard petrol, without much concern for either the citizen’s health or the longevity of their vehicles, except care is taken to prevent low products dumping by those open to connive with certain international traders.

The Group’s image maker and spokesman, Anthony Chiejina gave the warning, saying the group was constrained to raise the alarm, despite its desire to refrain from engaging in any media fights.

“We have lately refrained from engaging in media fights but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations. 

“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices and we believe our prices are competitive relative to the price of imports”, Chiejina stated, stressing that the issue on ground was not about being able to land relatively cheaper petrol on ground, but the quality of such products.

“If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low-quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles. Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.

“Post deregulation, NNPC set the pace by selling PNS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.

“In good faith, and the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.

“At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, intending to use it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.

“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips to protect their domestic industries.

“While we continue with our determination to provide affordable, good quality, domestically refined petroleum products in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty”, the Group Chief Branding and Communications Officer further said.

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YULETIDE Decorations: LASG To Divert Traffic At Ajose Adeogun

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YULETIDE Decorations,: LASG To Divert Traffic At Ajose Adeogun

The Lagos State Government will divert Traffic, away from a section of Ajose Adeogun Street in Victoria Island, for the mounting of end-of-the-year decoration, for a duration of three weekends starting from Saturday 19th October 2024.

The aforementioned exercise, according to Commissioner for Transportation, Oluwaseun Osiyemi,  will be carried out in three phases with each phase focusing on different sections of the street. 

To this end, the following alternative routes have been mapped out for motorists during the cause of the mounting; 

 During the First Phase which will cover Jubril Martins to Chicken Republic – (Saturday, 19th and Sunday, 20th October 2024)

Traffic inward Eko-Hotel Roundabout will be diverted to the other half (existing section) of Ajose Adeogun Street by VCP Hotel to form contra-flow traffic and exit at Eko-Hotel Roundabout to continue journeys.

Alternatively, Traffic inward to Eko-Hotel Roundabout from VCP Hotel will be diverted through Jubril Martins into Muri Okunola to link Patience Coker and access Ajose Adeogun Street to connect destinations.

During the Second Phase which will cover Molade Okoya Thomas to Mounis Bashorun section – (Saturday, 26th and Sunday, 27th October 2024). 

Traffic inward Ajose Adeogun Street from Eko-Hotel Roundabout will be diverted to a right turn into Molade Okoya Thomas to link Younis Bashorun to access Ajose Adeogun Street to continue journeys. 

During the Third phase of the project spanning 10 meters inward Ajose Adeogun (Saturday, 2nd November, 2024).

Motorists from Adetokunbo Ademola Street will maintain a lane movement for about 10 metres into Ajose Adeogun Street to connect their destinations, while Motorists inward Eko-Hotel Roundabout on Ajose Adeogun Street will maintain a lane movement for about 10 metres into Eko-Hotel Roundabout.

The Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi while imploring Motorists to note the ease of movement plan assured that the State’s Traffic Management Authority will be on ground to manage vehicular activities along the corridor to minimise inconveniences.

The Commissioner therefore advised Motorists to be patient, as the Partial closure is part of the traffic management plans for the commencement of End of Year Decoration of Ajose Adeogun Street, Victoria Island, Lagos, by Zenith Bank PLC.

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Economy

NLC Kicks, Says Petrol Hike Will Further Deepen Poverty, Job Loss

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NLC kicks, Says Petrol Hike Will Further Deepen Poverty, Jobs Lost

The Nigeria Labour Congress (NLC) has kicked against the current petrol price hike, stressing that the latest increase in the pump price of petrol will further deepen poverty as production capacities dip.

The Congress added that the increase would lead to more job loss with multidimensional negative effects, and therefore, demanded its immediate reversal.

NLC’s position is contained in a statement signed by its President, Mr Joe Ajaero on Wednesday in Abuja, titled, “What next after increase in pump price?”.

The labour leader said the previous increases had not produced any good results, rather, people only got poorer.

He said the Congress was dismayed by the latest increase in the pump price of petrol without commensurate capacity of Nigerians or mitigatory measures.

“Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly.

“We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic ad hocism and palliative policy.

“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities,” he said.

It would be recalled that the Nigerian National Petroleum Company Limited (NNPCL) had raised the pump price of petrol by 14.8 per cent to N1,030 per litre from N897 across its retail outlets in the FCT.

Earlier in September, the NNPCL had increased the price of the product from N615 to N897.

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