The Nation Newspaper

Tag: recover

  • NDIC to recover N17.6b Fortune Bank debt

    NDIC to recover N17.6b Fortune Bank debt

    The Nigeria Deposit Insurance Corporation (NDIC) has filed a debt recovery suit against former chairman of defunct Fortune Bank Plc, Mr Henry Adawari MacPepple, at the Federal High Court in Lagos.

    NDIC, which is the bank’s liquidator, said an oil firm, Suffolk Petroleum Services Ltd, a member of Adamac Group of Companies owned by MacPepple, owes the bank N17,632,119,929.44.

    It said the N17.6billion included outstanding balance on the principal loan sum, crystalised guarantees and accrued interest.

    According to the corporation, efforts to reconcile the accounts with the debtor was unsuccessful, hence the debt recovery action.

    NDIC had, last November 9, obtained an ex-parte order restraining Suffolk Petroleum and MacPepple from alienating, assigning, leasing or dealing with their movable and immovable properties pending the hearing of the motion on notice for interlocutory injunction.

    The court also restrained them and their agents from withdrawing or dissipating any monies standing to their credit in all banks until the motion for injunction is determined.

    All the financial institutions were ordered to furnish NDIC with the respondents’ account details and sums standing to their credit.

    During proceedings yesterday, respondents’ counsel Mr. A.N. Udebe said he was in the process of filing his clients’ response to the suit.

    Justice Mojisola Olatoregun-Ishola expressed displeasure at the respondents’ delay. She awarded punitive cost of N250,000 against them.

    Addressing Udebe, she said: “I gave you a date for trial (on April 15) and you had to wait till now to file your processes. Why have you not filed before now? I will adjourn at your instance. I award a cost of N250,000, which is to be paid to the court, not to the plaintiff.”

  • Buhari advised to recover looted funds, shun IMF loan

    Buhari advised to recover looted funds, shun IMF loan

    President Muhammadu Buhari has been advised to redouble his efforts at recovering looted public funds so that such funds could be ploughed back into the economy instead of seeking loans from the International Monetary Fund (IMF).

    An agro-allied economist and aviation expert, Captain John Okakpu, who spoke with reporters in Lagos at the weekend, said the president should ignore calls to seek foreign credit line to put the economy back in shape.

    Okakpu, who is the Managing Director and Chief Executive Officer of ABX World, condemned the stringent conditions Switzerland and other foreign financial institutions have handed down to the Federal Government before repatriating the looted funds in their custody. “That is completely wrong; Nigeria has the right to decide on whatever it wants to do with the funds,” he said.

    He urged the National Assembly to pass laws that will prescribe stiff penalties for fund looters to make stealing unattractive.

    According to Okakpu, the repatriated stolen funds could be given to Small Medium Enterprises (SMEs) at a single digit interest rate to create more impact on the economy.

    “We have to start taking care of ourselves. Over the years, IMF has been giving us loans, knowing that we are corrupt,” he said.

    He said amnesty should be granted to fund looters, arguing that the gesture would encourage them to repatriate their loot.

    He  said: “The amnesty means whatever anybody has starched abroad, let’s grant them official pardon and deposit it with Nigerian banks; the fund could be given as loan at single digit interest rate for indigenous investors to develop other sectors of the  economy as we move away from oil and gas.

    “If you look at other nations, they have systems to control this kind of amnesty; they use their money to develop their countries, whereas, we feed them with our funds. Amnesty is a way out.

    “Fighting people to get these funds may take time and lead  to nowhere. Between the last 30 and 40 years, so much funds have been stolen and taken away from Nigeria. If amnesty is extended in place, the Nigerian banks will become so big even as to extend facilities to the IMF. Fighting to get the money from them may cost more than what they will remit at the end of the day; even if you recover $10billion from them, it is just a fraction.”

    He said if the Federal Government embraces the amnesty option and give it legal backing, in the next six months, over $100billion could be repatriated to the system.

    Okakpu said for an ailing economy like Nigeria’s, there is need to inject funds that will energise the system and put money into the hands of the citizens.

    According to him, the promotion of agric produce has become imperative in the face of slump in the prices of crude oil in the international market, adding that current global realities have made it important for government to be more creative in exploring other sources of revenues  than depending on crude oil.

    H said: “In Africa today, Kenya is leading in a network called Global GAP; which involves all the supermarkets in Europe and North America. Unfortunately, neither the Federal Government, state, local nor community in Nigeria has Global Gap certification, which is one of the reasons we can’t even sell our agro-allied produce direct to Shoprite.

    “How do we put our products to the world? Kenya leading the African Continent has 1,879, certifications; South Africa has 1,797; Egypt has 671, Ghana has over 200 certifications, and others, while Nigeria is zero.

    “Agriculture is private sector driven. What is expected of the government is policy direction and structures in place to empower subsistence farmers, not commercial farmers only.“

  • EFCC’ll recover all stolen public funds, says Magu

    EFCC’ll recover all stolen public funds, says Magu

    Economic and Financial Crimes Commission (EFCC) Acting Chairman Ibrahim Magu yesterday said the Commission will  recover public funds stolen in the guise of arms procurement.

    He also said the culprits in the arms scandal would be brought to justice, adding that the commission was on top of the ongoing investigation.

    Magu spoke at the commemoration of the International Anti-corruption Day at the Shehu Musa Yar’Adua Centre, Abuja.

    This is the first time he has spoken on the ongoing investigation of the more than $2.1billion arms scandal.

    He said:  ‘‘Corruption is like a chain whose effect impacts various aspects of the society, undermines democracy and the rule of law, distorts markets, erodes quality of life, leads to human rights violations and fans the embers of terrorism and other threats to human security.

    “ “I am sure that many of you would have read in the newspapers stories about the Commission’s on-going investigation into the arms procurement scandal.

    “I can assure you that the Commission is on top of that investigation.  We will spare no effort to ensure that we recover every kobo of public funds that have been stolen in the guise of arms procurement.”

    The EFCC chairman promised to embark on radical reforms of the agency.

    He added: “The on-going implementation of its Strategic Plan continues to provide the Commission with the increasing organisational capacities necessary to explore its expanding abilities in corruption prevention and enforcement as well as law enforcement coordination and collaboration.

    “I plan to undertake  further institutional reforms to increase our capacity to fight corruption in Nigeria. Thankfully, the stance of the current government against corruption has created an enabling environment for us to carry out our mandate.”

    While promising to break the corruption chain in a fair, accountable and transparent manner, Magu sought the cooperation of civil society organisations and other stakeholders in the anti-graft war.

    He said: ‘‘Our common resolve is far stronger than the challenges we face in the fight against corruption.  I call on you to embrace the EFCC’s  public enlightenment campaigns, the activities of our Zero Tolerance Clubs in tertiary institutions and our inter-faith initiatives because in this effort to break the corruption chain. No man is an island and only when we work together can we make a difference.’’

    He said the commission had so far investigated 1,881 cases in 2015 alone.

    “Out of this figure, 280 cases were filed in courts and 78 convictions were secured.

    “In this period also, eight interim and two final forfeiture orders were handed down by various courts on applications brought by the Commission”.

    Magu thanked President Muhammadu Buhari for creating an enabling environment for the Commission to fight corruption.

    Earlier, the Secretary-General of the United Nations (UN) Mr. Ban Ki-Moon, spoke of the “disastrous impacts” of corruption on development when funds meant for social amenities are diverted by public office holders for their personal use.

    Ban Ki-moon, who was represented added that corruption could exacerbate violence and insecurity.

    ‘‘It is time to deliver a clear message around the world that rejects corruption and embraces the principles of transparency, accountability and good governance. This will benefit communities and countries; and it will help to usher in a better future for all,’’ he added.

    The Director-General of the Bureau of Public Service Reforms, BPSR, Dr. Joe Abah, called for the enhancement of the Code of Conduct Bureau, CCB.

    He further stated that the newly introduced zero- based budgeting would ensure discipline in the implementation of budgets.

    Lilian Ekeanyanwu, representing the Technical Unit on Governance and Anti-Corruption Reforms, TUGAR, urged the anti-corruption community to take advantage of the positive body language.

    “We must hit the ground running. We must have a national strategy to bring awareness about the issue of corruption and find methods to curb the malaise, while keeping the populace involved,” she said.

    The Deputy Chief Mission of the United States Embassy, Maria E. Brewer, said corruption could undermine institutions and slow development of any nation.

    She said that the United States was ready to partner with Nigeria in the fight against corruption.

    This year’s anti-corruption day was organised by the Inter-Agency Task Team (IATT), the European Union (EU) and the United Nations Office on Drugs and Crime (UNODC). It holds on December 9, every year.

    At the event, which featured a debate on corruption elimination between students of Light Way Academy and Model Secondary School Maitama, Abuja, were participants from the Budget Office, Independent Corrupt Practices and Other Offences Commission, ICPC, Nigerian Financial Intelligence Unit, NFIU, TUGAR, Bureau of Public Procurement, Corporate Affairs Commission, Public Complaints Commission, Police, National Drug Law Enforcement Agency, NDLEA, Federal Inland Revenue Service, FIRS, Ministry of Justice and Ministry of Finance, among others.

  • Cattle Rustling: Kano Police recover 224 cows, 45 sheep, one body

    The Kano State Police Command yesterday recorded another feat in the fight against cattle rustlers, recovering 224 cows, 45 sheep and two dogs inside Gomo forest in Sunmaila Local Government Area of Kano.

    The State Commissioner of Police, Muhammed Musa Katsina who led the latest operation in the company of journalists to the forest warned cattle rustlers to flee the state or be ready to face tough opposition.

    The latest operation came barely after a week when CP Katsina paraded over 74 cattle rustlers and recovered 818 cattle, 87 sheep, hard drugs and assorted arms and ammunition, while three of the rustlers were killed during a gun duel in the notorious Falgore Game Reserve in Tudun Wada Local Government Area of the state.

    According to CP Katsina, Gomo Forest, about 185 kilomertres outside Kano, links to Yankari Forest in Bauchi, Falgore Forest in Kano and Sambisa Forest in Borno and the Republic of Cameroon.

    Speaking to newsmen inside the Gomo Forest, CP Katsina said after the command received information from Good Samaritan that the cattle rustlers were in possession of stolen cows, the security operatives were drafted to the forest and the cows were recovered while the rustlers fled the area.

    However, in a gun duel with the police that lasted for a few hours, the police recovered 224 cows, 24 sheep, goat and two dogs, adding that one of the dead body of the rustlers was later found beside river.

    The police boss further stated that adequate security had been put in place around the forest, noting that his officers and men are battle ready to deal ruthlessly with criminals and bandits in the forest and any part of the state.

    The commissioner later handed over the recovered 224 cows, 45 sheep and one dog recovered from rustlers to Hon. Zubairu Hamza, a member of Kano state House of Assembly representing Sumaila Local Government Area.

    Katsina however called on the teeming masses of the state to always furnish the police with useful information that would lead to the arrest of the castle rustlers.

  • NNPC moves to recover $9.6b

    NNPC moves to recover $9.6b

    The Nigerian National Petroleum Corporation (NNPC) has begun the process of recovering at least $9.6b for the federal government.

    Part of this is the $7billion over-deducted tax benefits from JV Partners on major capital projects and the $2.46 billion cash due to the government on the strategic alliance contracts entered by the Nigerian Petroleum Development Company (NPDC) on behalf of the government.

    The NNPC has engaged a reputable international accounting firm to establish the exact amount due the government on the contracts.

    The NNPC management under the Dr. Ibe Kachikwu as Group Managing Director (GMD) has outlined how it will recover all monies belonging to the government arising from the neglect, inaction or deliberate action under the immediate past leadership of the corporation.

    This is contained in the report submitted to the President Muhammadu Buhari on its activities.

    Dr. Kachikwu has commenced Performance Measurement and Benchmarking as well as Value for Money Review of NNPC and the JV Companies covering the period 2008 – 2013.

    The report indicated that the process may lead to further cost recovery.

    The report also revealed that consequent upon an extensive investigation of the various toxic crude oil for refined products swap contracts, a total sum of $420 million has so far been reconciled in favour of NNPC and is now due for recovery from the legacy OPA/SWAP contracts.

    A source said that out of the reconciled amount, the sum of $277 million has been recovered in lieu of products and the recovery effort is still ongoing.

    According to the report, the GMD of NNPC is committed to continued review of all existing contracts and addressing the ones that are not favourable to the Corporation.

    It was noted that significant cost reductions are also expected to ensure the Corporation remains profitable in the prevailing low crude oil price regime.

    The source added that progress is being made toward bringing back the nation’s refineries to full production, noting that the management of the NNPC is working to ensure that this happens before the end of this year.

    If this is completed, the report said, it is expected to achieve an annual savings of about $1billion worth of foreign exchange from fuel import substitution and additional total saving of over $500 million annually will be made from the petrochemical products of Kaduna Refinery and Petrochemical Company.

    The report also disclosed that efforts at repositioning the NNPC have started yielding result on the nation’s economy.

    It also revealed that gas supply to the power plants that had hitherto been handicapped by the supply of much-needed gas, has improved significantly from about 630 to 861 million standard cubic feet per day, which has resulted in a more steady power supply being witnessed in the country.

    The report showed that gas supply for power and peak generation have in recent times reached a historical high of 876 million standard cubic feet per day and 4,782 Mega Watts respectively.

  • Recover stolen oil money, Buhari tells NNPC boss

    Recover stolen oil money, Buhari tells NNPC boss

    President gives new helmsman Kachikwu six tasks

    A NEW helmsman took the reins yesterday at the Nigerian National Petroleum Corporation (NNPC).

    President Muhammadu Buhari appointed  Dr. Emmanuel Ibe Kachikwu, the Executive Vice Chairman/General Counsel of ExxonMobil (Africa), as Group Managing Director (GMD), asking him to give recovery of stolen oil money a priority, among other targets.

    Buhari may also appoint Kachikwu, who beat three other candidates in the race for the job, as the Minister of State for Petroleum Resources to ensure synergy, a source said last night.

    Those also considered and discreetly screened for the job, source told The Nation learnt, are former Petroleum Products Prices Regulatory Agency (PPPRA) Executive Secretary  Stanley Reginald;  Shell Petroleum Development Company Managing Director Mr. Osagie Okunbor  and a NNPC Deputy General Manager, whose name was not disclosed.

    At the final negotiation with Kachikwu, the President gave him six terms of reference to reshape the corporation. They are to:

    • clean up the NNPC system of corrupt elements;
    • recover all stolen crude oil funds;
    • work with the Economic and Financial Crimes Commission (EFCC) and the Directorate of State Service (DSS) to trace and recover  stolen oil cash;
    • review the structure of the NNPC to compete globally;
    • giving targets to all subsidiaries and put in place performance benchmarks; and
    • fixe all refineries, which must work at optimal level, “even if it means using expatriates in the interim”.

    A source said: “The new GMD of NNPC was picked after a thorough search by the President. Actually, at the end of the search, the choice was narrowed down to four candidates.

    “The President opted for Kachikwu who is the Vice President of Exxon Mobil, not only in Nigeria but in Africa. Buhari was impressed by his impeccable credentials as the most senior black African in any multi-national oil firm in the world with 30 years experience.

    “Apart from being a First Class graduate, Kachikwu also obtained PhD in Law which enabled him to rise to company secretary in Exxon Mobil.”

    But it was not easy for the President to convince Kachikwu to accept the job because he was afraid that he might be messed up like other Nigerians, a source said.

    “In their negotiation, President Buhari repeatedly said: ‘I won’t interfere with your work; I will give you a free hand because I want to reform this oil sector once and for all.’ The GMD accepted the job following what he realized as “the infectious patriotism and genuine intention of the President,: the source said.

    Kachikwu yesterday took the reins at a brief ceremony held at the NNPC Towers, Abuja .

    The Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, in a statement, said the new helmsman expressed gratitude to his predecessor, Dr. Joseph T. Dawha, for holding the Corporation. He pledged to work assiduously in achieving the President’s growth aspiration for the oil and gas industry.

    “ExxonMobil Upstream affiliates in Nigeria congratulate our Vice-Chairman and General Counsel, Dr. Emmanuel Kachikwu, on this opportunity to serve Nigeria as Group Managing Director of the Nigeria National Petroleum Corporation (NNPC). We thank Dr. Kachikwu for his many contributions to ExxonMobil Nigeria, and wish him well in his new role.”

    Inside the NNPC 

    The NNPC is the national oil company, through which the Federal Government regulates and participates in the country’s petroleum industry.

    An Act to dissolve the former Nigerian National Oil Corporation and to establish the NNPC was created in 1977.  The NNPC was established on April 1, 1977, as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel.

    By law, the NNPC manages the joint venture between the Federal Government and some foreign multinational corporations including Shell, Agip, ExxonMobil, Chevron, and Total. Through collaboration with these companies, the Federal Government conducts petroleum exploration and production.

    For lack of supervision, the NNPC degenerated to a rent-collector for the government with less attention to transparency and accountability.

    Between 2007 and 2009, auditors found that the corporation over-deducted funds in subsidy claims to the tune of N28.5 billion and has not been able to account for the money.

    In 2008, Willbros Group Inc of United States (U.S.) admitted making ‘suspicious’ payments of over $6.3 million to officials of the corporation and its subsidiary – the National Petroleum Investment Management Services (NAPIMS) for assistance in obtaining and retaining contracts at the Eastern Gas Gathering System (EGGS).

    In 2004, ABB Vetco Gray, a U.S. company and its UK subsidiary –  ABB Vetco Gray UK Limited – admitted paying over $1 million in bribes to  NAPIMS’ officials,  in exchange for obtaining confidential bid information and favourable recommendations from government agencies.

    After the publication of a report In November 2013 by Swiss, a non-governmental advocacy organisation – Erklärung von Bern – allegations of fraud surfaced, placing the NNPC under suspicion of siphoning $6.8 billion of crude oil revenues.

    From 2013, the NNPC has been battling with the allegation of non-remittance of $20 billion into the Federation Account.

    These allegations, among others are responsible for the continued calls for the sanitisation and repositioning of the corporation.

     

  • Police recover more explosives in Yobe

    Police recover more explosives in Yobe

    The police in Damaturu, the Yobe State capital, said they have recovered more explosives in one of the vehicles of the suicide bombers arrested at a checkpoint in Damaturu two days ago.

    Police Commissioner Marcus Danladi told reporters at a news briefing that after a thorough search by men of the Explosive Ordinance Department (EOD) of the command on the scene of the attack, more explosives and arms were recovered.

    He said: “Besides the high calibre military bombs recovered from the body of the female member of the suicide squad, on Tuesday investigators were sent to the scene with police EOD experts to evacuate the carcasses for investigation.

    “Upon evaluation by the EOD men, six units of military mortal bombs and two heavy (50kg) improvised bombs, carefully concealed and primed, were recovered from the carcasses.”

    Danladi said two military GPMG; general purpose machine gun; 500 live ammunition of GPMG; two units of Ak 47 assault rifles and two magazines of Ak 47 rifles were recovered from the scene.

    The CP said the insurgents had an encounter with the police at Bara in Gulani Local Government.

    He condoled with the families of the policemen, who died during the suicide attack.

  • Police recover remains of Bayelsa pipeline explosion victims

    Police recover remains of Bayelsa pipeline explosion victims

    The Police in Bayelsa State said yesterday that they have recovered the remains of victims of Thursday’s crude oil pipeline explosion which occurred in Agip’s field in the state.

    Twelve people died in the explosion which occurred while Agip staff were carrying out routine maintenance on Tebidaba-Clough line, in Southern Ijaw Local Government Area of the state.

    Two persons are still missing according to the police.

    Spokesman for the State Police Command, Mr Asinim Butswat, told the News Agency of Nigeria (NAN) in Yenagoa that search and rescue efforts for the missing persons had been activated, but yet to yield any result.

    He said: “twelve persons were burnt beyond recognition, which included a soldier on guard duty amongst others.

    “Four persons were rescued alive and are undergoing treatment, while two persons are still missing. Search for the missing persons is ongoing,” Butswat said.

  • Senate asks CBN, Customs to recover $30b waiver funds

    Senate asks CBN, Customs to recover $30b waiver funds

    •External reserves now $31.89b, says CBN Gov

    The Senate yesterday mandated the Central Bank of Nigeria (CBN) in collaboration with the Nigeria Customs Service (NCS) to set machinery in motion to recover over $30 billion waivers granted to rice importers by former President Goodluck Jonathan’s administration.

    Senate President, Abubakar Bukola Saraki gave the mandate when top officials of the CBN led by its Governor, Godwin Emefiele visited him in Abuja.

    Saraki who insisted that the money must be recovered and paid back to government coffers said the waivers were granted on taxes and duties to certain companies.

    He sad the country cannot succeed in attempts to build a buoyant economy when some people are enjoying unnecessary tax holidays.

    The CBN governor, he said, should immediately collaborate with the NCS to ensure that the money is recovered and paid back into government coffers.

    He said the Senate will, when it resume plenary, reconsider Customs Act especially relating to waivers, to strengthen it and plug loopholes.

    On the issue of smuggling, he said no matter how good the policy on import substitution may be, if smuggling continued the way its going on now, the policy will not be successful.

    He said government must find ways and means to stop big time smugglers that are well known.

    Saraki said fiscal discipline has now become important more than ever before.

    He urged the CBN to fish out government agencies that are used to not remitting accrued funds to the Consolidated Revenue Fund and force them to do the needful.

    He said the diversification being underscored by President Muhammadu Buhari, should be pursued with vigour.

    The CBN boss in his briefing said the efforts of President Buhari to block all leakages as well as the vigilance  of the CBN on foreign exchange reserve had started yielding result.

    According to him, the external reserve which declined from $37.3 billion in June last year to $29.1 billion at the end of June this year has risen to $31.89 billion as at July 7th, this year.

    Emefiele described the trend of the increase as extremely gratifying.

    He said given the understanding that a fall in oil prices is temporary, and that some speculative activities were ongoing in the foreign exchange market, the CBN took a number of proactive actions.

    The  actions, he said include further tightening of monetary policy, closure of the official foreign exchange window, review of operators’ net open position, placement of 72-hour limit on foreign exchange utilisation by customers, introduction of a two-way other based quota system, introduction of a bank-around CBN tentative rate and bank on selective items from assets to foreign exchange.

    He said the policies have led to significant stabilisation in exchange rate and an improvement on the market segment, having earlier traded at as high as N206 to a dollar.

    According to him, the naira to dollar exchange rate has appreciated and remained around N197 to a dollar in the interbank market in the last five months.

    He insisted that the issues that currently confront the country is the need to diversify the structure of the economy from being import dependent to being an economy that produces what Nigerians should consume.

    The CBN chief said liquidity consumption in the financial market remains relatively stable so far this year as growth money supply boomed as expected and capital and deposit as well above industry averages.

    He said in view of this, the strategic demand of the country’s abandoned system remained remarkably good.

    The CBN, he said, will continue to be vigilant in the market to ensure that there is no tolerance for speculators.

    He said that Nigerian foreign reserve remained the country’s common wealth “and we must all strive to work together to protect this and prevent speculators and ruin seekers from plundering it.”

  • Sambisa Forest invasion: Troops recover horror video clips from Boko Haram camps

    Sambisa Forest invasion: Troops recover horror video clips from Boko Haram camps

    Indications emerged yesterday that troops have recovered ‘sensitive’ video clips from the camps of fleeing Boko Haram members.

    It was learnt that the video materials were being analysed by military experts.

    According to PRNigeria, a covert information network of the nation’s military, the sensitive ICT materials were abandoned by terrorists fleeing from Sambisa Forest.

    The source said: “As terrorists continue to scamper following relentless pursuit by Nigerian troops, they have often left sensitive materials including arms, ammunition, ICT gadgets and video recordings behind.

    “Many of the video materials captured by the troops are currently being analysed by military experts.

    “Some of the videos included recording of scenes of trials, beheadings, executions, stoning, floggings and those taken during preparations for suicide attacks.

    “A military source said capturing such recordings was another major feat in the battle against insurgency as it was a tool used to really terrify mostly civilian population and cow them into submission.

    “Some of the videos were meant for release through their normal channels to the public before they were dislodged from their camps. They also show the barbaric life in their so-called caliphate.

    “The media and the public are advised to be careful in handling or sharing sensitive and offensive videos depicting atrocities that some viewers may find disturbing,” he concluded.

    When contacted, the Director of Defence Information, Major-General Chris Olukolade, confirmed the retrieval of sensitive videos.

    He said:  “A number of vital materials, apart from arms and ammunition, have been recovered which are being subjected to intelligent analyses. We don’t want to say much about that now.”