National oil assets: are the buccaneers coming? [2]

By UGO ONUOHA “Federal Government led by the ministry of petroleum incorporated [MOPI] and the ministry of finance incorporated [MOFI], have planned to sell significant portions of Nigeria’s equity in some of our best-performing oil and gas joint ventures”. Some commentators have since alleged that this set of our rulers behaves like “usu biara orji ntagbu”, Igbo for ravaging and destructive locusts and cankerworm. They claimed that by the time this journey is over, whenever that will be, the country will be empty and comprehensively hollowed out. The carnage could turn out to be numbing and crippling. By the way, locusts are known to be destructive given their voracious appetite for food. They, like our rulers, are at their worst when they exhibit swarming behaviour under certain conditions. Also like Nigerian politicians, locusts can and do devastate farms and cause significant economic damage wherever and whenever they invade any territory. Desert locusts are reported to be some of the most destructive species. And they are mostly found in Africa. Politicians are some of the worst species in many countries. The worst of the worst are mostly found in Africa with Nigeria competing strongly for the number one position. There are some other interesting bits about locusts that parallel Nigerian politicians. Each locust can eat its weight in plants daily. A typical Nigerian ruler can steal more than he needs in 10 lifetimes. Locust swarms can consume vast amounts of food to rival the daily consumption of residents of well populated cities. The same can be said of the amazing capacity of our rulers to steal from the commonwealth, even money that would confound their successors up to the fourth generation. It was not long ago that Nigeria’s president, Alhaji Bola Ahmed Tinubu, reminded us that the problems we are contending with currently, over which he has been exerting so much energy and sleepless nights to reverse, were because his predecessors were nonchalant in their governance style which failed to provide for the upcoming generations. In other words, the earlier rulers spared no thoughts for future generations of Nigerians. The irony was that at the time that Tinubu was grandstanding and waxing philosophical, his regime was busy borrowing and accumulating foreign and domestic debts for the next generations he claimed to be concerned about to repay. For the discerning, the president was engaged in theatre. It was a performance for his choristers, and the unwary. And the background music was the ubiquitous…’On your mandate…’ which is now strongly competing to dislodge the national anthem at events organised by the national assembly, and the ruling All Progressives Congress [APC] political party. At some formal sessions and sittings of the national assembly, including during budget presentations by the president, the partisan ‘On your mandate…’ dwarfs and takes precedent over the national anthem. This speaks to the state of the fears of some people about state capture by this regime. Apart from propaganda and the desperate search for wins where there are no wins, the current APC regime is notorious for borrowing and taxation. It has made deceit an artform, and a governance imperative. For them there will always be a lie as a solution to every problem. To tax or borrow and spend on productive ventures can be excused. But to tax and borrow, and then leave Nigerians wondering what happened to the revenues is numbing. It is also troubling to tax and borrow to fund the lavish lifestyles of our rulers, and the profligacy of the regime. Our rulers cannot in good conscience, that’s if they have conscience, ask us to tighten our belts whilst they’re loosening theirs. That’s wicked. That’s evil. That’s unconscionable. Sadly, that’s what is happening now. “Elsewhere, a commentator who identified as Umar Sani, likened the speculated proposed sale of public investments in some oil assets, and the amendment of the PIA, to winding down [liquidation] of a corporation but in this case the country.“ And like buccaneers our rulers are now reported to be training their eyes on our national oil assets. The goal is essentially two folds- increase the revenue accruing to the regime, and asset stripping for the benefit of regime honchos, their collaborators and business partners. The plot is laid out, starting with the amendment of the Petroleum Industry Act [PIA]. The amendment is given since we have a pliable national assembly which has elected to be a parastatal under the presidency. The curated and carefully selected leadership of the national assembly said from the onset that the primary reason for their existence is to accede, without question, to ALL the demands of the president and his executive council. What this means in effect is that looming vandalisation of our national oil assets is a fait accompli unless Nigerians rise to the challenge to say enough is enough. The designs on the oil assets are clear, and coming into the public domain. But that an alarm has been blown on the scheme by industry operators and sundry watchers does not seem to deter the government. Instead the regime has started preparing the grounds by falsely claiming that $18billion has been secured through some of its reforms in sectors of the oil and gas industry. “Nigeria secures $18bn in oil and gas investment commitments” was one of the headlines that trended last week. To be sure, ‘commitments’ are not contracts”. As someone wrote, “in the oil and gas sector, they [commitments] often amount to handshake promises, useful for optics [and photo opportunities], but rarely backed by enforceable timelines, financing structures, or regulatory clarity. Without transparency, execution plans, and measurable milestones, such announcements risk becoming political theatre rather than economic transformation. Nigeria deserves more than ceremonial pledges. We need bankable deals, local capacity building, and a clear path to energy security”. The danger is that the planned alteration of the PIA and the expected accompanying assets stripping, and the ceding of portions of our oil commonwealth to self and acolytes and business partners will not

Tinubu ‘Recreating’ Nigeria in the Image of Lagos – Atiku

Former Vice President Atiku Abubakar has launched a scathing attack on President Bola Tinubu, accusing him of creating a government that prioritizes his personal interests and those of his family and associates over the welfare of Nigerians.  Atiku, who ran as the Presidential candidate for the Peoples Democratic Party (PDP) in the last election, revealed this in a statesmen signed by his spokesperson, Paul Ibe. He revealed that Tinubu’s influence is deeply embedded in both Lagos and federal public enterprises. Atiku drew parallels between Tinubu’s influence in Lagos through firms like Alpha Beta and Primero and his increasing federal influence.  “Just as these firms manage critical sectors in Lagos, Tinubu is extending this control to the federal level,” Atiku claimed. He expressed concern over recent developments with the Nigerian National Petroleum Corporation (NNPC), particularly the controversial acquisition of OVH, a company partly owned by Wale Tinubu’s Oando. “NNPC Retail’s acquisition of OVH, under opaque terms, is indicative of the ongoing misuse of public resources for personal gain,” Atiku said. The former Vice President criticized the handling of NNPCL’s management, including the retention of Mele Kyari as GMD and the appointment of Pius Akinyelure as Chairman, both of whom are closely tied to Tinubu. He described the situation as an example of “illogical business transactions and abuse of office.” Atiku also cast doubt on the impartiality of legislative investigations into the NNPCL’s dealings, pointing to the potential conflict of interest involving Senator Opeyemi Bamidele, who heads the panel and has close ties to Tinubu. Additionally, Atiku highlighted concerns over the Lagos-Calabar Coastal Highway project, which is now under litigation.  The Organized Crime and Corruption Reporting Project (OCCRP) has reported on the close ties between Tinubu’s son, Seyi, and Gilbert Chagoury, who was awarded the contract without competitive bidding. Atiku described this as a conflict of interest that underscores a troubling pattern of favoritism and corruption. “This situation exemplifies how Tinubu’s influence permeates key national projects, raising serious questions about transparency and fairness in government dealings,” Atiku concluded.

We’re not opposed to Agip Oil share sales to Oando -NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has said that it was never opposed to the sale of the shares of Agip Oil Company to Oando Plc. In a statement signed by the Chief Corporate Communications Officer of the company, Garba Deen Muhammad said the letter to Agip Oil did not indicate it was opposed to the deal. In a letter to the Managing Director of Nigerian Agip Oil Company Ltd, dated September 4, and signed by Managing Director of NNPC E&P Limited, Ali Muhammed Zarah, NNPCL said if the deal goes through, it would have far-reaching contractual/legal implications in relation to the joint Operating Agreement dated July 1991 governing the operations of the NAOC/NEPL/OOL Joint venture. NNPCL said in the letter that its consent as a member of the joint venture member operating ENI’s onshore asset, was not obtained before the planned divestment to Oando. This it said was against contract rules governing the joint venture operation, and could affect the deal. The statement reads, “It has come to our notice that a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV Partner, Nigerian Agip Oil Company Limited (NAOC) is being interpreted to suggest that NNPC Ltd. is opposed to the sale of NAOC shares to Oando PLC. This is not correct.  “NNPC Ltd. wishes to state that the letter was sent by NEPL, an NNPC Ltd. subsidiary. However, nowhere was opposition or objection to the transaction mentioned in the letter. “NEPL is only drawing attention to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC and OOL; which might have been overlooked in error. Adherence to those clauses will protect the transaction, now and in the future.” Oil major Eni had in a press release saying that it had signed an agreement with Oando, an energy solutions provider listed on both the Nigerian and Johannesburg Stock Exchange, for the sale of all its stake in Nigerian Agip Oil Company Ltd (NAOC Ltd), a wholly-owned subsidiary focusing on onshore oil & gas exploration and production in Nigeria, as well as power generation.