Connect with us

Business

Nigerian government bans Boeing 737 max airplanes

The Nigerian government has banned Boeing 737 Max airplanes from flying into Nigeria’s airspace following a fatal crash in Ethiopia over the weekend.

Hadi Sirika, Minister of Sate, Aviation, disclosed this to state house correspondents at the end of the federal executive council (FEC) meeting, presided over by President Muhammadu Buhari.

Sirika said, “Regarding Boeing 737 Max 8 and Max 9, that has been in the news recently, there is no cause for alarm as there is no operator in Nigeria that is using that type of airplane.

“Regardless of the enormous safety records of this plane 737, it has caused concern in the world of aviation and you know aviation is universal, whatever affects one affects the other because aircraft will be flying in and out.

“So, we have issued directive that no operator with Boeing 737 Max 8 or Max 9 should operate into and outside our airports and this is being carried out.”

Facebook Comments
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Fuel pricing: Oil marketers make fresh demand, blast NNPC

The Depot and Petroleum Marketers Association of Nigeria (DAPMAN) says the rise in landing cost of petroleum products has renewed calls for full deregulation.

The body also blasted the Nigerian National Petroleum Corporation (NNPC) for “monopoly” and high cost of petrol it sells to marketers.

Executive Secretary of the group, Mr Olufemi Adewole, told the News Agency of Nigeria (NAN) on Tuesday in Lagos, that deregulation of the downstream remained the best option as the ongoing subsidy by the NNPC was not sustainable.

Adewole said that as private marketers continued to stay on the sidelines in terms of petroleum products importation, depot owners had reiterated the need for the Federal Government to fully deregulate the fuel market.

He said that NNPC had been the sole importer of petrol into the country for two years and that private oil marketers stopped importation due to shortage of foreign exchange and increase in crude oil prices, which made the landing cost of the product higher than the official pump price of N145 per litre.

According to him, if fully deregulated, it will also help the government to use the subsidy money to develop other sectors.

The DAPPMA scribe, however, lamented NNPC’s decision to sell Premium Motor Spirit (PMS) to them at N117 per litre, admitting that the price was not only outrageous but not cost effective.

He added that the N111 per litre price, which NNPC was selling fuel to them was at an insignificant margin, wondering what would happen when the state-run oil firm had increased the price to N117.

Adewole said NNPC’s monopoly of fuel importation had compounded their woes.

He said: “By the time depot owners, who are mostly marketers, add other costs incurred in the course of buying fuel from NNPC and later sell the product at the pump price of N145 per litre to consumers, they will be left with little or no profits.

“More worrisome is the fact that NNPC controls fuel importation, a development which has compelled marketers to sell the product at a particular price. That is the situation we find ourselves in.

“We are praying for solutions to problems inhibiting the growth of the industry, especially the downstream sub-sector,’’ Adewole said.

He said, NNPC sold fuel only to depot owners, who had Pro-foma Invoice, a development which implied that any depot owner or marketer, who does not have a Pro-foma Invoice would not be able to buy fuel.

He said diesel price was deregulated, noting that marketers were selling the product at between N220 to N230 per litre.

“No depot owner or marketer, he said, can say he or she is making profit under the new price regime.

“More worrisome is the fact that NNPC controls fuel importation, a development which has compelled marketers to sell the product at a particular price, that is the situation we find ourselves in,” he said.

Adewole, admitted the fears expressed by depot owners over the new price regime.

According to him, the fears stemmed from the fact that depot owners made very little profit because of the current price system.

Facebook Comments
Continue Reading

Business

Queen’s Counsel, Fidelis Oditah, Beneficiary Of $1.3 billion Malabu Oil Deal, Testifies in Milan



Fidelis Oditah, a Queen’s Counsel and Senior Advocate of Nigeria (SAN), whose company- Indigo Drilling drilled the Eaton field- one of the two fields been developed in the Oil Prospecting License (OPL) 245 block, on Wednesday testified in the Milan court in Italy, as a consultant for Eni, one of the two companies standing corruption charges for the unwholesome sale of the block in 2011.

Indigo, which is jointly owned by Oditah Ibeneche, is part of the Transocean group of companies.

Transocean says that Indigo,”is jointly owned by Transocean and its local Nigerian partners, Chima Ibeneche and Fidelis Oditah, SAN. According to the company which managed the Deep water Horizon rig that spilled 210 million barrels of crude into the Gulf of Mexico in 2011, ‘Indigo operates Transocean’s rigs in Nigeria.

Transocean’s Deepwater Pathfinder drill vessel, drilled Etan-1X in OPL 245 to a Total Depth of 4,574 m in 1,720 m of water.

The well was said to have logged 120 m of hydrocarbon-bearing sands. Oditah did not declare to the Milan court that he has interest in the block before taking the stand to give his summation on the 2011 six-party agreement reached between the Federal Government of Nigeria, Malabu oil and Gas, Eni, Royal Dutch Shell (RDS), Eni and its Nigerian subsidiary Nigeria Agip Exploration (NAE).

“Mr President to sum up, I believe that the challenge to the 2011 Resolution Agreement of Shell and ENI is just politically motivated by the FGN under pressure by international NGOs”.

Oditah made this conclusion, despite overwhelming evidence showing a webbed trail of kickbacks and sleazy deals that mandated the Milan prosecutor to begin trial after four years of investigation.

Connection to Kola Aluko
As a lawyer with expertise in solvency and corporate structures, Fidelis Oditah is no stranger to the corrupt entrails of the oil and gas industry in Nigeria.

Septa, a Special Purpose Vehicle (SPV) to Seven Energy International- a company Oditah served as non-executive Board member to between 2012 and 2016, received at least $26 million in loans from a firm called Arcadia. According to civil organizations- Global Witness, Corner House, and Re:common who have been providing evidence to the Milan prosecutor, says Arcadia collected $4 million from Rocky Top, one of the companies used to move proceeds of the payments made to Malabu Oil and Gas to the accounts of persons within and outside Nigeria.

The said $4 million remittance made to Arcadia by Rocky Top, was done on behalf of Septa. This same fund, was used to repay a loan to Ark, a company controlled by Kola Aluko- a former Deputy CEO of Septa).

Aluko is under investigation in Nigeria and the UK for money laundering on behalf of Alison Madueke-Nigeria’s Minister of petroleum Resources under Goodluck Jonathan.

Septa has since repaid loans worth $9 million to Arcadia for funds borrowed by Aluko. Aluko has been accused of using Seven Energy and Atlantic Energy to launder funds- a claim all parties deny. Oditah’s involvement with illicit monies predate’s Kola Aluko.

According to an online source, Professor Oditah received N5.7 million from a Zenith Bank Asaba branch account set-up by Ibori. The money was paid to him in three installments.

Oditah is also the Director of Vetiva, the financial service company that served as joint financial advisor and joint stockbroker for Notore Chemicals during the latter’s float on the Nigeria Stock Exchange. The Economic and Financial Crimes Commission (EFCC) and the London Metropolitan Police have labelled Notore as a front for James Ibori.

Surprisingly, naught of this was mentioned on the prospectus for the firm’s listing on the stock exchange. Contrastingly, the allegation of Seven Energy’s involvement with Kola Aluko was stated on its bond issue.

In April, Dayo Ayoade, a lecturer in the Faculty of Law, University of Lagos, had iformed the Milan court that the Resolution Agreement that saw OPL 245 trasnfered to Shell and Eni, was an illegal deal.

He was followed by Stephen Rogers An expert from British firm Arthur D. Little, who observed that the valuation of the block itself as at April 29 2011 was far higher than the $1.3 billion officially paid for the block but siphoned into private pockets. Rogers said the value of the block was in the region of $3.5 billion.

The registration date of Indigo Drilling on the Corporate Affairs Commission (CAC) website, is given as 2011-08-05, which is shortly after the April date of the resolution agreement.

Facebook Comments
Continue Reading

Business

FG threatens Unity Bank over N7bn alleged debt

The Special Presidential Investigation Panel for the Recovery of Public Property says it will slam a charge of economic sabotage on Unity Bank if it refuses to return the over N7 billion it was owing the Federal Government.

The Head, Media and Communication of the Panel, Ms Lucie-Ann Laha, gave the warning in a statement in Abuja on Monday.

According to her, the sum represents 15,561,769.99 dollars and N1,488,455,810.90 being excess and arbitrary charges on accounts of some agencies of government by the bank before the implementation of Treasury Single Account (TSA) system.

She said that the agencies included Nigerian Ports Authority (NPA), Nigerian National Petroleum Corporation (NNPC), Nigeria Custom Service (NCS), the Kaduna Refinery and NIMASA, NAN reports.

“Unity Bank, which had agreed to this amount in February, has neither proffered a payment plan nor demonstrated good faith by actually initiating payments.

”Instead, the bank has severed all communications with the Panel in this regard.

“It may be recalled that the panel had commissioned a team of experts, including forensic auditors, to look into the operations of accounts of MDAs in commercial banks within the country prior to the commencement of TSA,” Laha said.

The spokesperson said that the exercise had unearthed some sharp practices and elicited indictments.

She added that some of the indicted banks had since agreed to a refund plan and in fact commenced payments.

“Unity Bank has, however, not made any move in this regard.

“The Panel is unrelenting in its resolve towards ensuring that economic saboteurs are brought to book and looted public property, including money, duly returned to government.”

Facebook Comments
Continue Reading
Advertisement
Advertisement

Trending

%d bloggers like this: