Business

NNPC: Probe $2.5bn Oil Sale to China, suspend GMD, activist tell NASS

Published

5 years ago

July 24, 2020

Following the recent disclosure by the PointBlank news of the sale of 48 million barrels of Nigeria’s Bonny Crude Light oil to China, valued at $2.5bn but allegedly shared by some persons around the government, the National Assembly has been urged to beem searchlight on the allegation.

A political activist and former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank on Friday, called for the immediate arrest, investigation and prosecution of all those involved in the sale and diversion of the proceeds of the oil to China.

Frank, in the statement, wondered how General Muhammadu Buhari, perceived as the “anti-corruption fighter of Africa”, by ECOWAS would allow such brazen acts of corruption to be perpetuated under his watch.

“Corruption under Buhari has assumed a very disturbing height and, except he is complicit, one wonders why he has stubbornly refused to prosecute persons indicted for the corruption perpetuated under his watch as Petroleum Minister?”

It would be recalled, that Frank had earlier raised an alarm concerning the sale of crude oil to China in 2015 under questionable circumstances for which the accrued funds were diverted by cronies of General Muhammadu Buhari.

Following the transaction in 2015, Buhari had thereafter, instituted a team to travel to China to investigate the report concerning the oil sale.

“We need Buhari to tell Nigerians the outcome of that investigative team to China”, Frank stated.

“Except he (Buhari) is also complicit and in full knowledge of the $2.5bn oil sale to China, we expect the immediate arrest and prosecution of all those mentioned in the wicked, demonic and outright stealing of resources that could have been utilized in the provision of sustainable amenities for Nigerians.

“This is one crime against the citizenry too many that should not be allowed to be swept under the carpet in any form,” he said.

Frank also called on the Government of the United States of America to investigate this act of criminality as Nigerians no longer have the confidence in the Buhari-led administration.

He added: “I hereby call on the US Government to help Nigerians investigate this crime as we no longer have confidence in the Buhari-led government especially as the transaction was conducted, using the US currency and with the amount involved, the entire proceeds can be easily traced with the persons and organizations involved, traced.”

The Bayelsa-born political activist implored General Muhammadu Buhari to immediately set-up an investigative panel just like the Justice Ayo Salami-panel that was set-up to look into the allegations against the acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, that will look into “this weighty allegation which has further, brought ridicule and embarrassment, not only to his APC administration but to Nigeria and Nigerians.

“The President must immediately adopt a similar approach in sacking the board of the NNPC for this crude oil sale of $2.5bn which the GMD of the NNPC, Engr. Mele Kyari and every other persons involved in, has been indicted.”

He also advised both Chambers of the National Assembly, particularly, the Senate to investigate this criminality and possibly, push for their immediate arrest, prosecution and conviction.

Frank enjoined the opposition members in the National Assembly, especially the Minority Leaders, Senator Enyinnaya Abaribe and Honourable Ndudi Elumelu of the Senate and House of Representatives respectively, not to allow this manifest fraud to be swept under the carpet like others in the past “as all eyes are on them to ensure that our commonwealth and resources are not pilfered under any guise.”

He called on both men to look critically, into these very weighty and embarrassing allegations as published by PointBlank News

The political activist also called for the suspension of the Group Managing Director of the Nigeria National Petroleum Corporation, Engr. Mele Kyari to allow for thorough investigation of the sale of over 48 million barrels of Bonny Crude Light oil.

“The NNPC GMD must step aside so as not to allow for a proper investigation of this humongous stealing and criminality,” Frank stated.

Business

AIICO Reports 48.8% growth in IFRS 17 revenue to ₦108.3 billion in FY 2024:

Published

1 month ago

April 8, 2025

Sunrise

Lagos, 8 April 2025 –
AIICO Insurance Plc (“AIICO”, or “the Group”) announced its audited results for the year ended 31 December 2024.

Key Financial Highlights

Commenting on the results, Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer said, “AIICO ended the year with a strong fourth quarter, generating insurance revenue of ₦108.2 billion during the year and exceeding the targets set in our five-year strategy. Each business line delivered solid results, reinforcing the strength of our business philosophy. As industry evolves, we remain well positioned to navigate regulatory changes that support economic growth and maintain market stability. Looking ahead, we will continue to serve our clients with excellence while driving long-term value for our shareholders.”

“For the year ended 2024, profits reached ₦15.1 billion, a 24.4% increase from N12.1 billion in the prior year. This performance reflects our disciplined financial management approach, strategic investments, and a commitment to sustainable business practices, ensuring long-term stability and resilience,” stated Mrs. Bisola Elias, CFO of AIICO Insurance.

……………
Please see the full press release to be read in conjunction with the audited financial statements available here:
Our audited financial statements can be found here:

For further information, please contact

Business

CBN Approves Merger of Unity and Providus Banks

Published

9 months ago

August 7, 2024

Nats Odaudu

The Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited.

The Apex Bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the nation’s financial system and avert potential systemic risks.

“The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders,” the statement read.

“It is unequivocal to state that the CBN’s action is under the provisions of Section 42 (2) of the CBN Act, 2007. This arrangement is crucial for the financial health and operational stability of the post-merger organisation.

“It is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.”

The CBN said it remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

Business

Fuel Importers Will Frustrate Dangote Refinery — Obasanjo

Published

9 months ago

August 6, 2024

Nats Odaudu

Former President Olusegun Obasanjo has stated that those benefiting from fuel importation will do all within their powers to frustrate the progress made by the Dangote Petroleum Refinery in Nigeria.

Obasanjo stated this in an interview with the Financial Times where he described the Dangote refinery as a project that should encourage both Nigerians and non-Nigerians.

“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.

“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” he stated.

The former Nigerian leader shared his opinion on the heels of recent allegations by the President of the Dangote Group, Aliko Dangote, that some government and non-government officials were trying to frustrate the $20bn refinery.

It’d be recalled that Officials of the Dangote Group recently cried out that international oil companies were frustrating the refinery by refusing to sell crude or by selling to them at a premium up to $4 above the normal price.

The outcry prompted the Federal Executive Council’s directive to the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in the Nigerian currency – naira against United States’ dollars.

The refinery also accused the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) of deliberately granting licenses to individuals to import dirty fuel.

In its response, the regulator denied this, alleging that Dangote diesel was inferior when compared to the imported ones.

The NMDPRA’s Chief Executive, Farouk Ahmed then declared that the country would not stop fuel importation to avoid a monopoly by the Dangote Group.

Dangote Refinery commenced operations at the facility located in Lagos last December with 350,000 barrels a day.

The refinery hopes to achieve its full capacity of 650,000 barrels per day by the end of the year.

It has however commenced the supply of diesel and aviation fuel to marketers in the country, while petrol supply is expected to commence in August amid regulatory resistance.