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Nigeria Lost $50b Due To Absence Of PIA – Buhari

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U.K. Magazine Condemns Corruption In Buhari's Govt, Army, Police

The absence of the Petroleum Industry Act (PIA) has led to the loss of $50 billion investments in the petroleum industry since 2011, according to President Muhammadu Buhari.

Buhari spoke in Abuja on Wednesday at a ceremony on the passage of the PIA, which preceded the Federal Executive Council meeting.
The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement titled ‘Nigeria Lost Estimated $50bn Worth of Investments In 10 Years Due To Stagnation, Uncertainty Over Petroleum Industry, Says President Buhari’.

According to the president, the loss was due to the uncertainty on the non-passage of the Petroleum Industry Bill, lack of progress and stagnation in the petroleum industry which he blamed on the lack of political will on the part of past administrations to actualise the needed transformation.

Buhari said the assent to the Petroleum Industry Bill on August 16, 2021 marked the end of decades of uncertainty and under-investment in Nigeria’s petroleum industry.

He said : “We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was a lack of political will to actualise this needed transformation.

“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past 10 years, Nigeria has lost an estimated $50bn worth of investments due to uncertainty created by the non-passage of the PIB.

READ ALSO: How PIA Will Affect NNPC – Mele Kyari

“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.

“In view of the value our nation and investors will derive from a stable fiscal framework for the oil and gas industry, our administration has found it necessary to work with the two chambers of the National Assembly to ensure the passage of the PIB.’’

The president noted that the signing of the bill was part of the government’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve revenue base, create jobs and support the economic diversification agenda.

 

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First Bank Makes U-turn, Says Otedola Is Majority Shareholder

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First Bank Makes U-turn, Says Otedola Is Majority Shareholder

Hours after denying that it had been taken over by billionaire Femi Otedola, First Bank of Nigeria on Saturday admitted that he had emerged a major shareholder of the financial institution.

First Bank Holdings, owners of First Bank Nigeria, confirmed that Otedola owns a 5.07 per cent equity stake.

The holding firm had earlier denied knowledge of the takeover saying it had not received a notification of a significant holding by Mr Otedola.

READ ALSO: Otedola Not Our Majority Shareholder – FBN

In a follow-up communication to the Nigerian Exchange Limited Saturday, the firm said it received notification from APT Securities and Funds Limited that its client, “ Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818, 551,625 units of shares from the Company’s issued share capital of 35,895,292791.”

“Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07%,” the notice signed by Seye Kosoko, company secretary, said.

In the 10 days to Friday, FBN Holdings witnessed an unusually massive trading in its shares and the cumulative number of units traded within the period surpassed 2.1 billion. The uptick in trading catapulted its share value by 62.3 per cent from the level it was three weeks ago.

 

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Otedola Not Our Majority Shareholder – FBN

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First Bank Makes U-turn, Says Otedola Is Majority Shareholder

FBN Holdings Plc has faulted media reports that billionaire businessman, Mr Femi Otedola, has acquired a significant shareholding in the company.

The holding company for First Bank of Nigeria Limited, in a statement by its Company Secretary, Seyi Kosoko, filed with the Nigerian Exchange Limited on Friday, said it had not received any notification of such acquisitions.

It said, “The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc.

READ ALSO: Senate Warns Govt Against Job Embargo, Rise In Recurrent Expenditure

“As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

“The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.”

 

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Senate Warns Govt Against Job Embargo, Rise In Recurrent Expenditure

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Senate Warns Govt Against Job Embargo, Rise In Recurrent Expenditure

The Senate on Thursday criticised the Federal Government for embargoing employment and yearly increase in workers’ salaries.

The Senate Committee on Establishment stated its position during a 2022 budget defence at the National Assembly, Abuja.

The lawmakers’ anger was triggered by yearly increase in the recurrent expenditure component of the budget which was submitted by the Chairman of National Salaries, Income and Wages Commission ( NSIWC), Mr Ekpo Nta before the Senate Committee on Establishment.

The failure of Nta to tell the committee the total amount of salaries and wages the federal government pays its workforce yearly, infuriated many members of the committee who wondered why recurrent expenditure in yearly budget is not decreasing on account of embargo placed on employment, and retirements at the various agencies.

Specifically, Senator Ali Ndume in taking up the NSIWC boss, said he was supposed to know the total wage bill of the Federal Government workers in arresting the dangerous trend of increases in yearly recurrent expenditure component of the budget without new recruitments and even with retirement of workers on a yearly basis.

“Honestly speaking, a time bomb is ticking out there with this policy because of the doors shut out against millions of youths seeking employment without success.

READ ALSO: CBN Plans N500m Grants For Undergraduates

“Making it worrisome is the fact that despite the policy, since 2018 till now, recurrent expenditure components of the yearly budget have been increasing.

“In 2018, it was N3.5trillion, N4trillion in 2019, N4.5trillion in 2020, N5.6trillion 2021 and N6.83trillion in the projected N16.39trillion 2022 budget.

“It is bad for recurrent expenditure to be increasing on yearly basis without an increase in the number of workforce through required recruitments.

“The embargo is turning into a time bomb that can explode at any time as witnessed in some countries in the past.

“Personally, I’m already thinking of where to run to if the avoidable crisis is not averted. I visited Ghana and Niger recently in this regard.”

Other members of the committee like Suleiman Kwari (APC Kaduna North), Nicholas Tofowomo (PDP Ondo Central) and the Chairman of the committee, Ibrahim Shekarau (APC Kano North), aligned themselves with Ndume’s admonition.

Pointedly, the Chairman of the Committee directed the Salaries and Wages Commission Chairman to liaise with the Accountant General of the Federation and other management officials of IPPIS, for required harmonization in arriving at the total amount of salaries /wages the Federal Government pays per annum.

 

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