Neconde: ‘no kickback with Shell VP in OML42 acquisition’

Shell Neconde

Neconde Energy Limited, the operator of oil mining lease (OML) 42, has denied any kickback deal with a former Vice President for sub-Saharan Africa, Shell, Peter Robinson, during the acquisition of the oil field divested by Shell Petroleum Development Company (SPDC).

In a statement denying the allegation, Neconde management accused Shell of malicious intention. It said: “Local and international media have published some news articles on the current investigation of a former Vice-President of Shell in Nigeria, Mr. Peter Robinson, in connection with a case of suspected bribery in the acquisition of Oil Prospecting License (OPL) 245 in Nigeria by Italy’s ENI and Shell. The same news reports also allege the involvement of Robinson in a suspected kickback in the acquisition of OML 42 by Neconde in 2011.

“Neconde, in an open and competitive bid in early 2011, acquired the 45 per cent joint equity interest in OML 42 in the Niger Delta area of Nigeria from Shell, Total and Nigerian…

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RMAFC disowns N13.5m running cost for senators

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disowned senators’ N13.5million monthly running cost. RMFAC is the body responsible for fixing public officials’ wages.

“The payment of running cost is not part of RMAFC mandate. Therefore, only the National Assembly can explain it,” the RMFAC said yesterday.

Spokesman Ibrahim Mohammed, in a statement in Abuja, said the law on Salaries and Allowances of Public Office Holders is very clear.

He said only the management of the National Assembly Service Commission could explain the N13.5 million running cost allegedly being enjoyed by each senator.

According to Mohammed, the Remuneration Act only covers salary and allowances.

He said the clarification became imperative in view of the recent revelation by Sen. Shehu Sani (Kaduna Central-APC), who was reported to have disclosed to the public that each senator collects monthly N13.5 million as running cost.

Sani had said that this was in addition to the…

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How to prevent glaucoma –Consultant ophthalmologist

Angela Success

Glaucoma, otherwise known as the “sneak thief of sight,” is one of the leading causes of blindness in the world. Most of the time it destroys the optical nerves irreversibly without showing any noticeable symptom, which makes it mandatory for us to screen our eyes regularly.

There is actually no cure for glaucoma yet, but if it is detected early further vision loss can be reduced.

In this interview, Dr. Favour Chukwuka, a consultant ophthalmologist with the University of Port Harcourt Teaching Hospital, spoke on how to detect and prevent blindness caused by glaucoma.

 What is glaucoma?

Glaucoma covers a group of eye diseases that are characterised by the cupping of the optic nerve head and visual field changes with intraocular pressure as a variable risk factor. It is characterised clinically by changes that are seen in the eyes on examination and on other changes that can be detected through specialised testing. Glaucoma does not cause any obvious eye…

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Foreign investors to dump equities ahead of 2019 elections –ABCON boss

…Says multiple exchange rates hurt Naira stability

Foreign investors who invested billions of dollars in the equities market are likely to exit the market ahead of the 2019 elections, the President, of the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said yesterday.

Speaking to finance journalists in Lagos, he said the negative implication of exit of portfolio investors from the local bourse raises major concern on naira’s continued stability.

According to him, there would be further external sector imbalances in a run-up to 2019 elections even as equity market imbalance is likely to increase.

He said the, “the development in the stock market and its closeness to campaign politics is worrisome. It raises lots of concerns on the relatively stable foreign exchange market. The investors in the stock market are largely portfolio investors from international markets and will at any given time decide to dump their holdings and take huge…

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Neconde denies deal with Shell ex-VP over acquisition of OML 42

Adewale Sanyaolu

Neconde Energy Limited has denied having any under hand dealing with a former Vice-President of Shell in Nigeria, Mr Peter Robinson, in the acquisition of Oil Mining Lease(OML) 42.

Neconde,  is an indigenous oil and gas company, operating OML 42 in partnership with the Nigerian Petroleum Development Company of Nigeria (NPDC), a subsidiary of the Nigerian National Petroleum Corporation, NNPC.

Neconde in a statement made available to Daily Sun said it has been brought to its attention that local and international media have published some news article on the current investigation of a former Vice-President of Shell in Nigeria, Mr. Peter Robinson, in connection with a case of suspected bribery in the acquisition of Oil Prospecting License (OPL) 245 in Nigeria by Italy’s ENI and Shell.

Neconde said it was worried that, the same news reports also allege the involvement of Robinson in a suspected kickback in the acquisition of Oil Mining Lease (OML) 42 by Neconde in…

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Forensic audit: Oando shareholders demand board suspension

…Lament N779bn debt

Uche Usim, Abuja

Shareholders of Oando Plc have called for the suspension of its top management and board to make room for a thorough and hitch-free forensic audit to ascertain the rot in the business.

The angry shareholders have also called on the National Assembly to mandate both the Minister of Finance, Mrs. Kemi Adeosun, and the Acting Director General of the Securities and Exchange Commission (SEC), Abdul Zubair, to desist from interfering in the planned forensic audit in the interest of the capital market and its shareholders.

Speaking at a protest in Abuja yesterday, the Chairman, Trusted Shareholders Association of Nigeria (TSAN), Alhaji Mukhtar Mukhtar, wondered why the government would leave the management of a company under investigation to remain in office during a forensic audit.

He alleged that the decision of the regulatory authorities to leave Oando’s Managing Director, Wale Tinubu, and other top management officials during an audit was…

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FAAC: FG, states, LGs share N647.39bn

Workers at the three tiers of government are to receive their March salary before the Easter break as the federal, state and local governments shared N647.39 billion from the federation account.

The money was the revenue collection for February 2018, which was approved at the Federation Account Allocation Committee (FAAC) meeting yesterday.

The FAAC meeting, presided over by the Minister of Finance, Mrs. Kemi Adeosun, was attended by a representative of the Permanent Secretary and Director of Home Finance in the Federal Ministry of Finance, Mrs. Olubunmi Siyanbola; Accountant General of the Federation, Mr. Ahmed Idris; Chairman of Finance Commissioners’ Forum and Adamawa State Commissioner for Finance, Mahmoud Yenusa; states’ commissioners of finance and Accountants General as well as the representatives of revenue generating agencies.

Adeosun, who briefed journalists at the end of the meeting, said the N647.39 billion distributed to the three tiers of government was N11.836…

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New CBN DGs, MPC members assume duty

Following the Senate’s clearance, the two newly appointed Deputy Governors of the Central Bank of Nigeria (CBN), Mrs. Aisha Ahmad, and Mr. Edward Lametek Adamu, formally assumed duty yesterday.

Also, the trio of Prof. Adeola Festus Adenikinju, Dr. Robert Asogwa and Dr. Aliyu Rafindadi Sanusi were also at the CBN to formally commence their tenure as members of the Monetary Policy Committee (MPC) of the bank.

Welcoming the new Deputy Governors and members of the MPC to the bank, its Governor, Godwin Emefiele, prior to their taking the Oaths of Office, congratulated them on their respective appointments by the President and subsequent confirmation by the Senate.

Emefiele, joined by Mr. Adebayo Adelabu and Dr. Joseph Okwu Nnanna, the Deputy Governors in charge of Operations and Financial System Stability (FSS), respectively, expressed gladness that the bank now had a full complement of Deputy Governors to enable it operate optimally as well as the required quorum to enable the MPC…

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Nigerian, Austrian firms to make vehicles run on gas

’Femi Asu

Powergas Nigeria has struck a partnership with an Austrian clean tech company, ETEFA, to facilitate the conversion of city buses and trucks in Lagos and the Niger Delta to run on natural gas, as part of efforts to reduce gas flaring in the country.

The companies announced the alliance during a briefing on flare gas recovery in Nigeria organised with the support by the Austrian Development Agency and the Commercial Section of the Austrian Embassy in Nigeria.

They said gas flare monetisation projects could potentially save Nigeria over $2.5bn per year by reducing fuel costs in the transportation and power generation sectors by over 30 per cent.

According to a statement, Powergas will provide the necessary infrastructure for the CNG supply and ETEFA will supply gas engines and associated technology.

“Eventually, ETEFA intends to locally manufacture gas-fired buses, trucks and engines in Nigeria with its Nigerian partners,” it said.

The Managing Director, Powergas…

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