Author Archives: Hassan Temitope

Breaking: Gunmen Abduct Nasarawa CAN Chairman In His Residence

Unknown gunmen has kidnapped the Nasarawa State Chairman of Christian Association of Nigeria(CAN ) Bishop Joseph Masin

Peace Masin, one of the Bishop’s sons confirmed the development.

He said his father’s abudctors came around 11pm Wednesday armed with gun and approached the house help, who was outside. He narrated that the house help was beaten which made them got access to the main building after which the Bishop was whisked away.

He also said that they were accompanied by seven armed men suspected to be Fulani herdsmen. He explained further up till the time of filling this report, there was no communication from them.

Immediate past Secretary of CAN in the state, Elder Yohanna Samari, also confirmed the incident in Lafia.

Commissioner of Police Bola Longe said the abductors of the CAN Chairman took him away on motorcycles.

Longe added that the police were on the trail of the kidnappers to ensure immediate release of the CAN Chairman unhurt.

Nigeria’s Refineries Count N50 Billion Loss In First Quarter of 2020

Nigeria’s refineries have recorded a combined loss of N50 billion in the first quarter of this year.

The proclamation was made by Mr. Joseph Nwakuwe, during a webinar seminar titled ‘Repositioning the newsroom to respond to changes in the oil sector in a COVID-19 era’ organized by Accountability Workstream Facility for Oil Sector Transformation (FOSTER 11) yesterday.

Nwakuwe, who is the Chairman of Society for Petroleum Engineers(SPE), said the refineries post an average of N10 billion on a monthly basis, saying the country cannot afford to record losses in that huge number.

The oil expert warned that should the country fail to sell the refineries now, they may not get value for it anymore.

He said the refineries have outlived its usefulness and should be sold as soon as possible to those who can add value to it, adding that the amount of money spent on the endless rehabilitation of the refineries was no longer sustainable.

He added that country must come up with a fiscal policy that drives development in the midstream and downstream sectors so that they are more energized.

Nwakuwe lamented that the country was not getting value for its crude oil because a larger chunk of the resources was exported in its crude form and later returned as imported petroleum products.

This, he said, was not good for the industry and the economy as a whole.

From January to October 2019, refineries under the management of the Nigerian National Petroleum Corporation(NNPC) made a cumulative loss of N123.25billion.

An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses during the period under review.

Findings showed that while Kaduna Refining & Petrochemical Company (KRPC) posted a loss of N49.3billion in the 10-month period, Port Harcourt Refining & Petrochemical Company (PHRC) and Warri Refining & Petrochemical Company (WRPC) lost N36.7billion and N37.24billion respectively during the same period.

It was further observed that the actual revenue made by the three facilities during the period was N68.82billion while their expenses were put at N192.1billion.

Of the three refineries, WRPC made the highest revenue of N59.1billion during the period, even as it posted the highest loss of N96.32billion.

KRPC and PHRC made N6.23billion and N3.46billion as revenues in the 10-month period but lost N55.59billion and N40.16billion respectively.

For October 2019 alone, the facilities posted a cumulative loss of N11.72billion.
Their individual losses in October were N5.24billion, N3.38billion and N3.1billion for KRPC, PHRC and WRPC respectively.

On subsidies, the oil and gas expert said, the time to suspend further funding of fuel subsidy was now as the monies expended on same since 2006 was capable of building about five refineries.

I Remain AfDB President – Adesina Confirms

An official statement from the African Development Bank (AfDB) President Dr. Akinwumi Adesina has revealed that Akinwumi has not stepped down from office.

Adesina, in the statement, said “the bank’s institutional framework is solid and efficient, adding that he stands by it”.

The statement reads: “In recent weeks and over the last few days especially, I have been overwhelmed by the tremendous support received from around the world. I have absolute confidence in the integrity of the Bank that I lead and its governance systems, rules and procedures.

“In spite of unprecedented attempts by some to tarnish my reputation and prejudice the Bank’s governance procedures, I maintain my innocence with regard to trumped up allegations that unjustly seek to impugn my honour and integrity, as well as the reputation of the African Development Bank.

“I sincerely appreciate the support of the Bank’s shareholders.

“At this time, I remain confident that ultimately and as one collective, the Bank will emerge stronger than before and continue to support Africa’s development drive. I draw great inspiration from my heroes, Nelson Mandela and Kofi Annan, whose lives have shown that through pain we grow. As Martin Luther King Jnr. once said, “the arc of the moral universe is long, but it bends towards justice.”

“I am confident that fair, transparent and just processes that respect the rules, procedures and governance systems of the Bank, and the rule of law, will ultimately prove that I have not violated the Code of Ethics of this extraordinary institution.

“I will therefore continue to work with each and every one of our shareholders to ensure that the African Development Bank maintains its hard earned global reputation; and that our credible and well-functioning institutional and governance systems are reinforced, as we collectively press on to fulfill the mission of our founder to accelerate and transform Africa’s development.”

The bank’s Board of Governors cleared him of the allegations after its ethics committee looked into the matter.

Covid-19 Update: Nigeria Cases Hits 8,733 As NCDC Reports 389 New Cases

Nigeria has recorded 389 new cases of the Coronavirus across various states of the country bringing the total cases to 8,733.

Nigeria Centre for Disease Control (NCDC) announced via its official Twitter handle on Wednesday night that 256 cases were recorded in Lagos State, 23 in Katsina State. 22 in Edo State, 14 in Rivers State, 13 in Kano State, 11 in Adamawa and Akwa Ibom State, seven in Kaduna State and six in Kwara and Nasarawa State.

The tweet further revealed that two cases each were discovered in Gombe, Plateau, Abia, Delta, Benue, Niger, Kogi, and Oyo States, with one case each in Imo, Borno, Ogun and Anambra State.

Nigeria has discharged 2501 patients and has recorded 245 deaths so far.

‘June 8 School Reopening, Not From Us’ FG

The federal government has described the purported reopening of schools on June 8 as a baseless news and however reeled out the procedures in place to reopen schools throughout the Federation.

This was made known by the Minister of State for Education, Emeka Nwajiuba while reacting to the June 8 resumption news. He said the news is baseless and fake.

The Minister explained that schools will remain closed until it is safe four school goers to return home safely without bring back Covid-19. He also said the federal government is not ready to take the risk of reopening schools now.

He said the Federal Government will rely on the opinion of experts and the guidance of the World Health Organisation before announcing any school resumption dates.

Nwajiuba said government is working on a model to ensure that all the children did not return to their schools at the same time to ensure physical and social distancing as well as proper sanitation and hygiene.
The plan entails adopting a two-shift system and allowing those who will write exams to return earlier than others.

He urged state governments and owners of private schools to plan ahead on how to ensure maximum safety when the resumption plan is unveiled.

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