BREAKING: Buhari Drops Araraume As Board of NNPC Ltd Chair, Appoints Margery Okadigbo
President Muhammadu Buhari on Wednesday announced Margery Okadigbo, the wife of the late Senate President Chuba Okadigbo as the chairman of the Board and Management of the Nigerian National Petroleum Company (NNPC) Limited. Margery Okadigho is from the Southeast zone.
Okadigbo replaced the initial chairman-nominee, Senator Ifeanyi Araraume, in the aftermath of a highwire Imo local politics that caused a presidential review of the initial appointment.
Unconfirmed reports had it that Imo State Governor, Hope Uzodinma deployed all contacts, using his office to throw spanner in the works for Araraume.
Uzodinma had reportedly been ill at ease with Araraume’s appointment as chairman of NNPC Board, believing that with the office, Araraume’s influence would be further enhanced and would pose a real threat to his (Uzondinma’s) re-election bid.
To run the affairs of the Board with Margery Okadigbo as chair are Mele Kolo Kyari, Chief Executive Officer, and Umar I. Ajiya, Chief Financial Officer.
Other Board Members are: Dr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Engr. Henry Obih (South East), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure(South West).
The appointments take effect from the date of the incorporation of the NNPC Limited.
Also appointed are Executive Commissioners of the Nigerian Upstream Petroleum Regulatory Commission. They are: Dr Nuhu Habib (Kano), Executive Commissioner, Development and Production, Dr Kelechi Onyekachi Ofoegbu (Imo), Executive Commissioner, Economic Regulations and Strategic Planning, Capt. Tonlagha Roland John (Delta), Executive Commissioner, Health, Safety, Environment and Community, and Jide Adeola (Kogi), Executive Commissioner, Corporate Services and Administration.
Earlier appointed are the Board Chairman, CEO, Executive Commissioner, Exploration and Acreage Management, and Executive Commissioner, Finance and Accounts.
READ ALSO: How PIA Will Help Individuals To Buy Shares In NNPC – GMD
New appointees at the Nigerian Midstream and Downstream Petroleum Regulatory Authority are Francis Alabo Ogaree (Rivers), Executive Director, Hydrocarbon Processing, Mustapha Lamorde (Adamawa), Executive Director, Health, Safety, Environment and Community, Mansur Kuliya (Kano), Executive Director, Midstream and Downstream Gas Infrastructure Fund, Bashir Sadiq (Sokoto), Executive Director, Corporate Services and Administration, and Dr Zainab Gobir (Kwara), Executive Director, Economic Regulations and Strategic Planning.
They join the Board Chairman, Executive Director, Downstream Systems, Storage and Retailing Infrastructure, the CEO, and Executive Director, Finance and Accounts, who had earlier been appointed.
For Midstream and Downstream Infrastructure Fund, new Council Members are; Mr Effiong Abia (Akwa Ibom), Bobboi Ahmed (Adamawa), and Engr. Abdullahi Bukar (Katsina).
READ ALSO: How PIA Will Affect NNPC – Mele Kyari
President Buhari had last September written the Senate on the administrative structure amendments to the Petroleum Industry Act, which included the appointment of Non-Executive Board Members, removal of the Ministries of Petroleum and Finance from the Board of the two new institutions, and appointment of Executive Directors.
Read more authentic news on our social media platforms
BREAKING: Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31 – CBN
In compliance with a ruling of the Supreme Court, the Central Bank of Nigeria (CBN) has declared that old N200, N500, N1,000 banknotes remain legal tender till December 31, 2023.
The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin spoke in a statement on Monday. This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.
“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly,” the statement read.
The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.
This was after 16 states of the federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.
The 16 states led by Kaduna, Kogi and Zamfara had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.
The Supreme Court subsequently ruled that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship, adding that the President breached the Constitution of the Federation in the way he issued directives for the re-designing of the Naira by the CBN.
After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.
However, the Presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.
“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.
According to the Presidency, the President is an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust.”
The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.
However, the President, in a national broadcast on February 16, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).
Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has no grounds because the case is before the apex court.
Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.
CBN Asked Banks To Receive Old Naira Notes – Soludo
The Central Bank of Nigeria (CBN) has asked commercial banks to dispense and accept old naira notes as deposits, according to Anambra State Governor Charles Soludo.
Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.
He explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.
He added that Emefiele personally confirmed the directive to him.
According to him, residents should report banks refusing to accept the old notes.
“Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same deposits from customers. Tellers at commercial banks are to generate the codes for deposits, and there is no limit to the number of times an individual or company can make deposits.”
“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night. Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200, N500; and N1,000) and the new notes”, the statement added.
Elon Musk Reclaims Title As World’s Richest Man
Months after losing the title of the world’s richest man, Elon Musk has regained it.
A rally in Tesla’s stock price on Monday boosted the Twitter owner’s net worth by nearly $7bn to $187bn, according to the Bloomberg Billionaires Index.
Musk’s recovery of the top spot from the French luxury goods magnate Bernard Arnault follows a precipitous drop in his wealth in late 2022, when he became the first person ever to amass and then lose $200bn. His wealth peaked at about $340bn in November 2021 and fell to about $128bn at the start of 2023.
Musk’s personal wealth primarily derives from stock in Tesla. The electric carmaker lost nearly two-thirds of its value in 2022, amid investor concerns over weakening demand, Musk’s distracting purchase of Twitter and the tumultuous start to his tenure atop the social media platform.
While Musk’s troubles at Twitter continue, having reportedly fired an additional 200 employees over the weekend after already slashing the workforce from 7,500 to about 2,000 since October, the share price of Tesla has risen nearly 90% since the start of 2023.
On Wednesday, the company will hold its annual Investor Day at its factory in Austin, Texas, and Musk is expected to discuss future products, including the long-promised Cybertruck and Semi Truck, along with plans to expand its production infrastructure around the world.
One such plan was previewed on Tuesday, when the Mexican president, Andrés Manuel López Obrador, said Musk had promised him by phone that Tesla will build a new factory in the city of Monterrey.
“This is going to mean a considerable investment and many, many jobs,” López Obrador said.
Tesla already has plants in China and Germany, and analysts suggest it may expand to Canada as well as Indonesia.
The carmaker continues facing challenges, however, including increased scrutiny of its driver assistance technology. It announced a recall of 362,000 vehicles on 16 February after regulators said its Full Self-Driving Beta software did not follow traffic laws.
Shareholders filed another lawsuit on Monday against Musk alleging that Tesla’s repeated exaggeration of its self-driving capabilities amounted to fraud.
Musk also keeps courting controversy through his erratic and provocative behavior online. After lifting bans on white supremacists, neo-Nazis and QAnon conspiracy theorists on Twitter, the billionaire has curried favor with rightwing trolls and activists.
On Monday, he threw his support behind Scott Adams, the Dilbert cartoonist whose racist rant in a recent YouTube appearance has led to the cancellation of his comic strip in US newspapers.
NEW TIMES CULTURE
Olaopa: The Self As A Patriotic Reformer – The Tales Of A Memoirist
Reflection on The Unending Quest for Reform, Tunji Olaopa’s Memoir
The Unending Quest For Reform – Tunji Olaopa’s Intellectual Memoir: A Commentary
Why GOFAMINT General Overseer Demoted His Deputy
BREAKING: UK Suspends Work, Study, Family Visas For Nigerians Over Ukraine War
BREAKING: First Nigerian Female Vice Chancellor Alele-Williams Is Dead
Opinion4 days ago
With Us, Not For US
Opinion3 days ago
Opinion1 day ago
Unending Passion For Reform: A Peep Into My Memoir And The Future Of Nigeria
Opinion1 day ago
A Savage Outing In The Name Of Electioneering
Latest News5 days ago
BREAKING: Ekweremadu, Wife Found Guilty Of Organ-trafficking In UK