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Senate Flays FG For Spending N11tn On Subsidy In Six Years

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The Senate on Thursday flayed the payment of N11tn to oil marketers as subsidy in the last six years, stressing that the development, if not halted, could kill the nation’s economy.

The upper chamber took the decision while considering the report of its Committee on the Downstream Petroleum Sector.

The Chairman of the committee, Kabir Marafa, had while presenting the report, told his colleagues that Nigeria spent over N11tn to pay outstanding subsidy claims in the last six years.

The development came just as the upper chamber, on Thursday, approved the payment of additional N129bn subsidy claims to 67 petroleum marketers.

The Senate had earlier on Tuesday approved the payment of N68.9bn as subsidy claims to 20 petroleum marketers.

Marafa’s report read in part, “That due to the scarcity of forex within the period, oil marketing companies were allowed to source forex outside the CBN rate to enable them to meet the country’s petroleum products demand.

“That NNPC Retail get their petroleum product allocation directly from PPMC at an already subsidised rate and so does not require forex to transact its business.”

Some of the oil marketers and the amount approved for them include Total Nigeria Plc, N13.7bn; Northwest Petroleum, N11.4bn;  Masters Energy, N10bn;  MRS Oil Plc, N8.8bn;  and Sahara Energy, N8.4bn.

Others are MRS Oil & Gas Limited, N6.3bn, Nipco Plc, N4.2bn; Forte Oil, N3.9bn; DEEJONES Petroleum & Gas, N4.1bn; and Emadeb, N4bn, among others.

The senators, before approving the payment, berated the Federal Government for paying subsidy to oil marketers over the years without the Senate’s approval.

Senator Barnabas Gemade wondered why the Federal Government and the anti-graft agencies had failed to convict any of the oil marketers who were indicted in the illegal subsidy claims.

He noted with regret that the government had not done enough in bringing the owners of the affected 50 oil firms to justice many years after their prosecution.

He said, “What has happened to those who defrauded the nation? I believe that the 9th Senate will do justice to know what has happened to this money.”

Gemade also reminded the President Muhammadu Buhari-led government of its pledge to stop subsidy payment when it came into power in 2015.

He said, “The government should stand by its words. If the government fails to end the subsidy regime, it will kill the Nigerian economy.”

Others who contributed and condemned the subsidy payment were Senators Bassey Akpan, Victor Umeh and Mathew Uroghide.

Umeh said, “If we continue to hope that one day this subsidy will end, we are deceiving ourselves. What would Nigerians face after this payment of arrears?”

“People in government have refused to face the problem. Everyone is depending on oil revenue and yet no functional refineries have been set in place.

“The government should be able to plan to build five refineries; why can’t we use the money we get from the sale of our crude to build refineries?

“The government should give us a programme to enable us to have four functional refineries in five years.

“Exchange rates are not the problem, but our inability to do what others are doing is the main issue.”

Uroghide, in his  contribution, said, “Government should be serious in their policies and not be directionless in executing these policies.”

The Deputy Senate President, Ike Ekweremadu, said, “I hope that the next Assembly will be able to sit with the Executive to address this issue and resolve it without creating unnecessary tension.

“The NNPC needs to also caution itself so that it does not encroach on the appropriation responsibility of the National Assembly.

“We need to do something about the provisions of refineries in our country – it is not rocket science. Even if it does not resolve the issue of subsidy, we would have gone a long way in addressing it.”

The breakdown showed that N10.8bn was approved as subsidy claim to Tanzila Petroleum Company, while N58.1 bn was okayed for 19 oil marketing companies.

Meanwhile, the Senate has adjourned till June 6 for its valedictory session.

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N868m Fraud: Court Jails Ex-AGF Nwabuoku 72 Years

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Justice James Omotosho of the Federal High Court in Abuja has convicted and sentenced a former acting Accountant-General of the Federation (AGF), Chukwunyere Nwabuoku, to a 72-year jail term without an option of fine.

Delivering Judgment, James Omotosho held that the Economic and Financial Crimes Commission (EFCC) had been able to prove the nine-count money laundering charge beyond reasonable doubt.

According to the judge, the defendant is hereby convicted as charged.

Justice Omotosho convicted Nwabuoku in all nine counts and sentenced him to eight years imprisonment in each of the counts, making 72 years.

The judge, however, ordered that the counts shall run concurrently.

Justice Omotosho, who described Nwabuoku’s act of diverting funds meant for security and defence while he served as Director of Finance and Accounts in the Ministry of Defence as “appalling,” commended the EFCC for being detailed in its prosecution.

The judge observed that the evidence of the 9th prosecution witness that Nwabuoku voluntarily refunded part of the siphoned money of over N200 million during the investigation was not controverted by the defence.

He was arraigned on January 15, 2025, on a nine-count amended charge and was admitted to a N500 million bail with two sureties in the like sum after he was

Nwabuoku was alleged to have perpetrated the act while serving as the Director of Finance and Accounts in the Ministry of Defence between 2019 and 2021.

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Borno Acts of Terror: Tinubu Orders Security Chiefs to Relocate to Maiduguri

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President Bola Tinubu has ordered security chiefs to relocate to Maiduguri, Borno State, where about 23 people were killed following explosions in the North-Eastern city, and has promised to track the perpetrators of the “acts of terror”.

President Bola Tinubu, in condemning the incident, described it as part of the “desperate and frantic attempts by criminals and terrorist elements trying to instil and spread fear” among people owing to pressure from security forces.

He said the government is beefing up security across the country and has “directed security chiefs to move to Maiduguri to take charge of the situation.

“I have also directed the emergency agencies to provide proper care for the injured,” Tinubu wrote in a statement on Tuesday.

The president said the incident is “profoundly upsetting” but warned that “There is no place in Nigeria where terrorists will find safety.

“We will locate them, confront them, and completely defeat them.”

See also  Troops kill two ‘terrorists’, recover weapons in Borno

“We will continue to intensify our efforts against all criminal elements, wherever they may be,” Tinubu promised.

He lauded the “courage and fighting spirit of our patriotic troops” for their efforts in repelling the “coordinated attacks by these terrorists on military positions in the state”.

Listing efforts by his administration, Tinubu said he recently “approved additional equipment and operational support to enhance their capabilities.

“This effort is already in progress,” he said.

Meanwhile, the Northern Senators’ Forum said it is “shocked and saddened by the devastating bomb explosions.”

While extending “heartfelt condolences to the government and people of Borno State,” the lawmakers assured that “everything will be done by the Federal Government to ensure that the people regain confidence in the City.”

“We pray for the speedy recovery of the injured and comfort for the families of the victims,” Abdulaziz Yar’Adua, the forum’s leader, said in a statement.

“We also call on all Nigerians to remain calm and support the efforts of the security agencies to bring the perpetrators to justice.”

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Court Threatens Bail Revocation, Arrest Against Sowore

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Justice Mohammed Umar of the Federal High Court of Abuja, has warned that he may revoke the bail granted to politician and online publisher, Omoyele Sowore, if he fails to appear at the next hearing in his ongoing trial over alleged cyberstalking.

The judge issued the warning on Thursday after the defendant and his legal team failed to appear in court for the scheduled proceedings.

Justice Umar said he would not hesitate to revoke Sowore’s bail and issue a bench warrant for his arrest if he fails to attend the next adjourned sitting.

“If the defendant fails to attend the next adjourned date, I will not hesitate to grant the prosecution’s request to revoke his bail and issue a warrant for his arrest,” the judge warned.

Sowore is being prosecuted by the Department of State Services> over alleged cybercrime offences ulinked to a social media post in which he described President Bola Tinubu as “a criminal” on his X and Facebook accounts.

At Thursday’s hearing, Sowore was absent, and none of his lawyers, reportedly about 30 in number, were present in court.

Counsel to the prosecution, Akinlolu Kehinde, told the court that the defence was expected to conclude its cross-examination of the first prosecution witness.

Kehinde argued that there was no justification for the absence of the defendant and his legal team, stating that both parties had been duly served hearing notices.

“I confirmed from the court’s registry that a hearing notice was served on the defendant through his team of lawyers, just as the prosecution was also served,” Kehinde told the court.

He added that the defendant, who was expected to be present at every sitting of the court, had neither appeared nor provided any explanation for his absence.

Citing Sections 352(1) and (2) of the Administration of Criminal Justice Act 2015, the prosecuting counsel urged the court to revoke Sowore’s bail and issue a bench warrant for his immediate arrest to ensure his presence in court.

However, in his ruling, Justice Umar acknowledged that Sowore had been properly served with the hearing notice but noted that the defendant had consistently attended court proceedings since the trial began late last year.

The judge also observed that previous adjournments in the case had occurred at the instance of both the prosecution and the defence.

On that basis, he said the defendant should be given the benefit of the doubt since it was the first time he had failed to appear for trial.

“The defendant has always attended court since the commencement of the case,” Justice Umar said, noting that it would be fair to give him the benefit of the doubt.

The court subsequently adjourned the matter until March 16 for continuation of trial and ordered that another hearing notice be issued to Sowore.

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