Author: The Nation

Three students of JSAY Prevarsity, Aristotess Ufuophubiri, lfeoluwa Adegoke, and Oluwaloseyitowi lji, have been honoured by the British Council with the Cambridge Learner’s Award for their outstanding performances in the Cambridge exams.

They received the awards following their stellar performances as best in Nigeria across three subjects and High Achievement in Information Technology.

Ufuophubiri came tops in Biology, Chemistry, and Physics at the Cambridge International A Level in Nigeria, June 2022 Series, Adegoke led in Physics in November Series, 2022 while lji won the High Achievement in Information Technology in Cambridge International A Level in the November 2022 series.

Speaking at the event held recently, the Regional Director, Sub-Saharan Africa Cambridge Assessment International Education, Juan Visser said 149 Nigerians got the awards out of 1 million learners this year.

“The awards recognise the exceptional performance of learners around the world in the Cambridge examination. The awards reflect the talent and hard work of learners and acknowledge the dedication and commitment of both teachers and parents,” Visser said.

The Country Director Nigeria, British Council, Lucy Pearson said every year, two million people from 90 countries sit international exams through the British Council. Our globally recognised qualifications help students to attend the best universities, find amazing career opportunities, and set themselves up for a more rewarding life.

Responding to the new feat, Ufuophubiri said “l am happy that my hard work paid off and I also appreciate the support of the JSAY Team. The Cambridge A Level curriculum helps to develop good study habits because of the depth of understanding required to master the subjects and prepare you for university education and beyond. 

“So, I am grateful that I did Cambridge A Level. It feels so satisfying to have achieved top in Nigeria and best across three subjects, Physics, Chemistry and Biology. 

Read Also: How I won British Council’s Country Best Award<br>for Cambridge A’ Level, by student

Also, the Managing Director of JSAY Prevarsity, Mrs. Jumoke Akere said: “I am extremely proud of our students for achieving tops in Nigeria, first in three subjects and High Achievement in Information Technology. This is a great feat for us as JSAY.

“I am proud of them and I want to say well done and congratulations to them. I want to appreciate our Board of Directors, management, teachers and everyone who has contributed to these high achievements. I want to wish the awardees the best in their future endeavours”.

Akere urged parents to strive to give their children qualitative and internationally recognized education for them to be relevant locally and globally.

“I will say that as a school, we will continue to support our learners to be high achievers and we also ensure that our learners continue to achieve high grades in all their examinations”, she added. 

A former aide to ex-President Goodluck Jonathan on Youth and Students’ Affairs, Jude Imagwe, has urged youths to channel their energy to leadership development and other productive endeavours.

In a statement, the chieftain of the Peoples Democratic Party (PDP) said youths particularly have the advantage of time and energy and these should be judiciously utilised in nation-building through creative enterprises.

Imagwe, a former PDP candidate for Estako Federal Constituency, said youths should not concentrate their time, intellect and strength on vices and destructive politics.

The youth leader also dissociated himself from lies propagated in a viral video posted by mischief-makers alleging that he sponsors violence in Edo State.

Imagwe emphasised that he is a peace-loving person deeply in love with the promotion of positive values and ethics, noting that he has never promoted and will never promote violence in society but speak up against it.

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He said: “Youths have the advantage of time and energy and this should be judiciously utilised. Edo youths and their peers in Nigeria should focus on leadership development and other productive endeavours and not concentrate on vices, crimes and destructive politics

“According to the United Nations Population Fund, Nigeria including Edo State has a youth bulge with over 50% of the entire population made up of young people. This is an advantage that should be explored and invested into productive endeavours.

“It is time for youths in Edo State and all-around Nigeria to discover their talents, tap into them and use their areas of comparative advantage to profitably transform their lives and ultimately make the state and the country a better place through the contribution of their quota.”

The Federal High Court sitting in Lagos has granted Union Bank Plc an interim order of Mareva Injunction restraining Swift Networks Limited from accessing its monies up to N7,037,410,548.23 in 25 banks pending the determination of an alleged debt recovery suit.

Justice Daniel Osiagor made the order on July 19, 2023 after hearing counsel for the Plaintiff/Applicant (Union Bank) Mr. Temilolu Adamolekun move the application to protect the res in suit FHC/L/CS/1366/2023.

Swift Networks is the Defendant while the banks are the 2nd to 25th Respondents.

Besides the Plaintiff Union Bank, the other banks include Citibank Nigeria Limited, First City Monument Bank Plc, Globus Bank Limited, Jaiz Bank Limited, Lotus Bank Limited, Parallex, Polaris Bank Limited, Providus Bank Limited, Stanbic Ibtc Bank Nigeria Limited, Standard Chartered Bank Limited, Suntrust Bank Nigeria Limited, Titan Trust Bank and Unity Bank Plc, among other old and new generation banks.

Specifically, Justice Osiagor, after reading the Affidavit in support, the exhibits attached and the written address, ordered as follows:

“That an interim order of Mareva Injunction is granted restraining the Defendant (Swift Networks), its agents, privies and/or assigns or otherwise howsoever from dealing with any of the monies standing to its credit in all of its accounts, records or howsoever held with the 2nd to 25th Respondents and also its monies standing to its credit in custody of the Plaintiff up to the tune of N7,037,410,548.23 (billion) or its equivalent in any foreign currency.

“That an Interim order of Mareva Injunction is granted restraining the 2nd to 25th Respondents and their agents or anyone whatsoever from releasing to the Defendant or any of its Affiliate, any monies, funds or any other instrument belonging to the Defendant, to the tune of N7,037,410,548.23 or its equivalent in any foreign currency that may be or found in the custody or possession of the 2nd to 25th Respondents.”

The court also granted an Interim Injunction restraining Swift Networks by itself or through anyone from tampering with or dealing in any manner with any of its assets/properties in whatsoever form within the jurisdiction of the court, “particularly but not limited to all the assets/properties within the premises of the Defendants at 31 Saka Tinubu Street, Victoria Island, Lagos State.”

The court further directed the 2nd to 25th Respondents to “disclose on oath whatever sum of money that may be in their custody belonging to the Defendant for further direction of this Honourable Court.”

Justice Osiagor adjourned till September 27 for hearing of the Motion on Notice. 

According to the Plaintiff/Applicants, the grounds of this Application are as follows: 

“In the course of the bank/customer relationship, the Plaintiff agreed to grant various credit facilities to the Defendant for several purposes. 

“The Defendant failed to meet its repayment obligation(s) to the Plaintiff, however, by its letter of 9th November, 2017, it requested that its debt be restructured by the Plaintiff/Applicant. 

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“The Plaintiff granted the Defendant’s Application for a restructure and further availed it with other credit facilities. Hence the offer letter of 29th December, 2017. 

“Furthermore, the Defendant failed to perform its repayment obligation arising from the offer letter of 29th December, 2017.”

The Plaintiff/Applicants averred that owing to the Defendant’s failure in meeting up with its repayment obligation, the Plaintiff further restructured the Defendant’s indebtedness to it by its offer letter of 28th September, 2020. 

It added that “Under the offer letter of 28 September, 2020, the Plaintiff availed the Defendant with a term loan facility to the tune of N7, 674,292,000.00.

“It is also the clear agreement of parties that the source of repayment shall be from the cash flow from the Defendant’s business operation and other cash flow sources available to the Defendant. 

“To the Plaintiffs bewilderment, the facilities matured without the expected receivables as the Defendant failed to meet its repayment obligation to the Plaintiff under the offer letter of 28th September, 2020 which was duly accepted by the Defendant.”

Some Vice-Chancellors of federal universities who served as State Collation Officers for both the 2023 presidential and governorship elections have offered tips to the Independent National Electoral Commission (INEC) on proper management of election results.

They include the Vice Chancellor of the University of Lagos, Prof Folashade Ogunsola, Ahmadu Bello University, Zaria, Prof. Kabiru Bala and University of Nigeria, Nsukka, Prof. Charles Igwe.

They spoke on the sidelines of the ongoing review meetings of the 2023 general elections with stakeholders and participants by INEC.

Prof. Ogunsola advised INEC to continue improving on the technology adopted for the conduct of elections.

Ogunsola, who was the State Collation Officer for Osun during the Presidential election, said while improving on those technologies, INEC should also regularly inform Nigerians about such progress to instil confidence in the system.

According to her, while uploading results was an added value, parties, INEC and other stakeholders should push for a more transparent process by having their copies of the result.

She said while the uploading of results made it more difficult for anybody to manipulate it, it was also important for every party to have a copy of the results at all levels and for stakeholder to diligently perform their responsibilities so that collective confidence could be restored in the system.

She said “Once you’re in leadership or any position, people are going to question your integrity whether they have real reason to or not. It is often a matter of opinion.

“I do know that there was a lot of finger-pointing without basis, just because it didn’t go somebody’s way so when you take these kinds of assignments, you recognise that that will happen.

“There will always be a trust deficit even if you’re doing everything correctly some people are going to question it”.

Prof Ogunsola suggested that since election results are collated at the polling units and collation centres, political parties should ensure that their members were always present at every level and have copies of the results.

“I collated results at Osun State and everybody has those results. As we were reading out the results, it was being flashed on the board and everybody signed it.

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“So if somebody turns around now to say that it is not the right result, how do you fight that? It means the person is either telling a lie or was not around,” she said.

On his part, Prof. Bala said that for Nigeria to have successful election outcomes there must be a change of attitude by Nigerians whether politicians or the electorate.

Bala who served as the State Retuning officer for Sokoto State, said politicians needed to change their `must-win` mentality while those elected should be patriotic to serve, and the electorate should vote for the best candidate in any election.

Prof. Charles Igwe said he had already forwarded his recommendations to INEC, including early commencement of preparation for elections, including the recruitment of ad hoc staff and field officers.

He said this would make them well grounded in what was expected of them during elections, adding that it was important that INEC organized the post-election review.

According to him, this would also help in experience sharing and proffering solutions to identified loopholes

Fresh facts emerging from the operations of the NNPC Ltd. have provided new insight into the activities of the company, affirming that the firm actually made a whopping profit of N674.1 billion in 2021.

The News Agency of Nigeria (NAN) reports that the new facts appear to contradict some views by notable individuals and institutions on the activities of the company in recent years.

Sources familiar with NNPC Ltd. and its operations told NAN in Abuja on Thursday that the available facts had laid bare some key issues for better understanding of the activities of the company.

One of the sources described the N674.1 billion as the highest profit figure to be recorded by the organisation in its 46-year history.

The source also told NAN that the emerging facts were released to provide current and true information, to redirect and educate the public adequately for a better understanding of issues in the company.

NAN learnt that some highly placed individuals and institutions have pilloried the NNPC in recent times, “churning out inaccurate information on the operations of the company, to de-market the establishment’’.

The source noted that the development had visibly put the company in the eye of the storm, stoking confusion and misleading stakeholders and the general public on the activities of the company at present.

According to emerging facts, the NNPC posted its first profit in 44 years in 2020, recording a profit of N287 billion from a loss of N803 billion posted earlier in 2018.

The company had similarly, recorded a loss of N1.7 billion in 2019 before it returned to profit-making in recent years, arising from critical business strategies adopted by the company’s management lately.

The emerging facts detailed what it described as speculative and misleading allegations that needed to be explained for better understanding of the role of the NNPC in nation building.

It cited what it described as untrue that “the NNPC has been notorious for befuddled accounting, waste, losses, run-down refineries and non-remittances of cash, due to the federation account’’.

The emerging facts explained that the essence of the making the facts public was to bring out basic truths on various issues agitating the minds of people and to keep the records straight.

It also explained that the NNPC had posted all its financial statements from 2015 to 2022, noting that certain claims could be verified in the office of the auditor-general of the federation, rather than misinforming the public.

On the allegation that the President Muhammadu Buhari administration wasted $19 billion to rehabilitate four state-owned refineries without result — the same amount the Dangote Group had invested in its 650,000-barrels per-day refinery, the emerging facts described the allegation as an attempt to mislead Nigerians.

“The totality of the spending inclusive of salaries and wages of workers can’t be compared with what it will cost to set up Dangote refinery,’’ a source in NNPC argued.

Another source also shed light on a statement that the Goodluck Jonathan administration had said it would borrow $1.6 billion for Turn Around Maintenance (TAM) but that under Buhari, the NNPC also borrowed additional $1.5 billion for the same TAM.

The source explained that the figures were wrong, saying that the company, which represented the Federal Government in its efforts to rehabilitate the refineries through an Engineering Procurement and Construction (EPC) contract with its partners had spent only its approved counterpart funding.

It added that the details were clearly spelt out in the memorandum of understanding signed for the respective refineries.

“For the records, the cost approved by the Federal Government for the rehabilitation of the nation’s three refineries are $1.5bn; $740m and $548m for Port Harcourt, Kaduna and Warri refineries, respectively.

“The two EPC contractors are Tecnimont (France), which handles the Port Harcourt Refinery rehabilitation and Daewoo (South Korea) which oversees the quick-fix projects at both Kaduna and Warri refineries.

“Under President Goodluck Jonathan, no money was borrowed for turn-around maintenance. Under President Buhari, only $1 billion was borrowed. Rehabilitation is still on-going.’’

The source also dismissed allegations by a committee of the House of Representatives that the company failed to transfer N2 trillion to the federation account after the Petroleum Industry Act (PIA) came into effect in 2021 and that Buhari unveiled a company worth $64 billion (N28 trillion at N450/$1), but that only $58.8 billion or N26 trillion was transferred.

It disclosed further that the net book value of assets transferred to NNPC as at July 1, 2022 amounted to $58.8 billion worth of assets and not cash.

“This figure is without the Nigerian Pipeline and Storage Company (NPSC) which has all the depots and pipeline network that was transferred to NNPC in 2022.

“That figure didn’t include NPSC which wasn’t moved initially at the time of being a limited liability company. So how much are we worth in asset?’’

On another allegation by members of the House of Representatives that equipment worth $250 million the NNPC ordered for the Port Harcourt Refinery years ago had not been accounted for, the source explained that over 100 containers with materials meant for the refineries were left to rot at Nigerian Ports.

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“This was before Buhari’s administration and it was attributed to the reckless procurement process in the past.

“Things started to change for the better with the rehab programme in 2021. This follow-up also led to the reduction in the cost of turnaround maintenance,’’ according to the source.

NAN learnt that lawmakers had also alleged that NNPC Ltd. had claimed to have 25 subsidiaries, whereas on record only 21 could be accounted for.

However, the source explained that there were 25 subsidiaries in NNPC Ltd. prior to re-organisation.

“All unviable subsidiaries were shut down in a bid to reduce overhead cost and optimise revenue.
“Businesses with duplicated functions were merged for economies of scale and optimisation and new units were created like new energies, leading to reduction in the number of subsidiaries from 25 to 21,’’ the source disclosed.

(NAN)

The Nigerian National Petroleum Company (NNPC) Ltd. and UTM Offshore Ltd. on Thursday signed the Heads of Terms Agreement to provide clean energy to Nigerians through the UTM FLNG Project.

The signing ceremony, which took place in Abuja, allows 20 per cent equity contribution of the NNPCL in the UTM FLNG Project.

The agreement is a significant step towards growing the gas market and making cooking gas more accessible and affordable for consumers.

Mr Julius Rone, Group Managing Director, UTM Offshore Ltd., promoter of the project, said the signing, joint effort not only aim to bring down and stabilise the price of cooking gas, but also has the potential to create a healthier environment.

According to him, it will bring investment opportunities and numerous direct and indirect employment opportunities for Nigerians.

He noted that it was  encouraging to see such initiatives that promote the well-being of the people and the economy.

The Front-End Engineering Design (FEED), is already on in Lagos, Yokohama and Paris with JGC, Technip and indigenous companies acting as consultants.

 Rone, who spoke on how important that stage of the project is, said that  it would enable UTMOL to have an idea about the project cost, prepare a full budget and work towards the FID, noting, particularly, that it could not be skipped.

“Final Investment Decision (FID) is expected to be taken in the fourth quarter of 2023 with planned project start-up in the fourth quarter of 2026.

“When completed, it will produce 1.7mmtpa of LNG and 300,000 metric tons of LPG (cooking gas) which will be fully dedicated to the domestic market.

“The project is estimated to provide direct employment for 3,000 Nigerians and another indirect employment for an additional 4,000 people.

 “The LPG produced will help bring down the price of cooking gas, improve the socioe-conomic wellbeing of Nigerians, reduce deforestation and attendant carbon emission,” Rone added.

According to him, the facility which will be located about 60km offshore at 64m water depth, will be built by reputable engineering companies – JGC of Japan and Technip of France – with the support of KBR as the Owners Engineer.

He noted that the two contracting companies and KBR were the consortium that built the six existing LNG Trains for Nigerian LNG Ltd.

“Having got the first outcome, which is level four, the next outcome will be level three while the final outcome will be level two.

 “At the same time, the Engineering Procurement and Construction draft contract is being worked with Templers, UTMOL’s lawyers and their international counsel, White and Case,” he added.

“We understand how important this is to Nigerians and Nigeria’s economy, and we are committed to enlisting and partnering with only the best to actualise this project.

“We are leaving no stone unturned in terms of the quality of companies that will deliver this project.

“So, apart from these international companies of foremost global reputation that have been contracted to build the facility, our historic partnership with NNPCL today signals yet another milestone in our dedication to ensuring that this project is not only realised, but also meets the set objectives.

“Our aim is to complete the FEED towards the end of October 2023 and, hopefully, start work on the Open Book Estimate, OBE, for the EPC contract in November 2023.

“There are many intellectual property rights attached to such a project and such rights cannot be moved from one company to another. It may end up in the EPC with JGC and Technip.

“And once that is done, in line with international best practice, they need to also do the OBE negotiation with us.

“It was for this reason that we brought in KBR Consulting Limited of the UK, an international engineering company of the same status as JGC and Technip.

“This is to serve as our engineering consultant since we do not have the experience yet to measure the deliverables from the outcome of the feed,” Said Rone.

He noted that the company would help in ensuring that whatever JGC and Technip are doing  in terms of engineering, is in conformity with the project schedule and expectation.

“The importance we attach to this project, because of its immeasurable value to our country, means we have to be meticulous about the quality of those we engage on it.

“The Petroleum Industry Act, PIA, has also encouraged us to go on with the project without any anxiety and we are confident that government will demonstrate sufficient political will in this regard.

“It is worthy of note that this is the first indigenous company to embark on such a project and, by the grace of God, we will succeed.

“It is in light of this that we appreciate the group Chief Executive Officer of NNPCL, Mr Mele Kyari, and his management team, for demonstrating the uncommon zeal and patriotism by staking their own commitment to the project.

“It says a lot about what we are doing and the direction we are headed. I can assure you that in no distant time, Nigerians will start reaping the benefits of the project,” he concluded.

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Also speaking, Kyari said that NNPCL was optimistic and committed to the project, describing it is “a project of utmost importance to the nation that must be supported to succeed at all cost.

“No matter the amount of reserves you have underground, if you haven’t brought it up to the surface, you have done nothing.

“This is why we are very interested in this project and we are going to do our own part to ensure its success. Be assured that NNPCL is solidly behind this project,” he said.

Kyari, who was optimistic, declared that the company had the ability and capacity to bring the project to realisation, particularly under the leadership of Rone.

According to Kyari,  the company’s investment in NNPCL is indicative of that fact.

(NAN)