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Reps panel pledge recovery of alleged missing $100 billion oil revenue, $20 billion royalty proceeds

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Mr. Ikeagwuonu Ugochinyere, the Chairman of the House of Representatives Committee on Petroleum Resources Downstream, has given assurance that he will take steps to recover the alleged missing $100 billion in oil revenue earnings. He made this pledge during the committee’s inauguration at the National Assembly complex in Abuja.

Ugochinyere also revealed that his committee will investigate the purported failure to remit approximately $20 billion in royalties to the Federation Account by the relevant entities operating in the oil and gas sector.

This Imo-born politician guaranteed that the committee would fulfill its legislative responsibilities related to energy security, enhancing professionalism in the petroleum sector, driving economic transformation, ensuring accountability, and implementing institutional reforms in the oil and gas sector of the economy.

He further expressed the committee’s readiness to scrutinize the abuse of the petroleum subsidy program, originally intended to alleviate the suffering of Nigerians but failed to achieve its intended purpose.

Ugochinyere emphasized that the various stakeholders in the petroleum sector should cooperate with the committee in carrying out its duties and be receptive to positive changes when necessary. He made it clear that the committee’s work is not about victimization or witch-hunting but is driven by a profound commitment to serving the nation.

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He highlighted the House’s commitment to receiving the 2021 report of the Nigerian Extractive Industries Transparency Initiative (NEITI) Oil and Gas Sector Report, in line with Section 4(3) of the NEITI Act, 2007, as evidence of the committee’s determination to address the challenges afflicting the sector.

The committee’s scope of responsibility encompasses overseeing various aspects of the petroleum industry, including refineries, petroleum products marketing, petrochemicals, the Pipelines and Products Marketing Company (PPMC), the downstream petroleum sector, and the Nigerian National Petroleum Corporation (now known as Nigerian National Petroleum Company Ltd.) downstream activities. This includes oversight of the Petroleum Equalization Fund and the Petroleum Products Pricing Regulatory Agency (PPPRA). The committee is also tasked with examining and scrutinizing the annual budget estimates of the NNPC, its subsidiaries, and all oil-related companies, and presenting these for consideration and approval by the House.

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Maiduguri flood: Ogun Govt donates N200m to Borno State

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The Ogun State Government has donated N200 million to the Borno State Government in response to the severe flooding that recently devastated the area, causing significant property damage and displacing thousands of residents.

The flooding was triggered by the collapse of the Alau Dam in Maiduguri on September 10.

Reports indicate that at least 414,000 people have been displaced, with 30 lives lost due to the disaster.

Ogun State Governor Dapo Abiodun had previously sent condolences to the people and government of Borno, praising the state government’s swift actions and the support from the Federal Government.

Kayode Akinmade, the Governor’s Special Adviser on Media and Strategy, stated on Saturday that the donation aims to aid flood victims and provide immediate relief. He noted the unprecedented humanitarian crisis in Borno State caused by the flooding and called on all Nigerians to help those in need.

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Ekiti: Gov Oyebanji appoints over 300 board chairmen, members

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Ekiti State Governor Biodun Oyebanji has approved the appointment of chairpersons and members for various government agency boards and parastatals.

This initiative aims to facilitate the efficient operation of government activities and improve service delivery.

The announcement was made in a statement on Friday by the Governor’s Special Adviser on Media, Yinka Oyebode.

The appointments, which include both full-time and part-time roles, will take effect on Monday, October 7, 2024.

Governor Oyebanji congratulated the new appointees, highlighting that their roles present valuable opportunities for public service. He encouraged them to maintain the highest standards of professionalism and ethical behavior in their duties.

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Nigerian govt mobilises contractor to F107 Road, collapsing bridge in Abia

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Users of the Umuahia-Bende-Arochukwu-Ohafia road will soon heave a sigh of relief as the Federal Government has mobilized a new contractor, China Civil Engineering Construction Corporation (CCECC), to begin work on the collapsed sections of the road.

The mobilization of the new contractor followed a viral video by ABN TV titled “How Your Area,” which highlighted that the Onu Uduma Bridge, commonly known as Nmuri Bridge on the federal road, was on the verge of collapse.

The critical bridge, previously rehabilitated by the Federal Road Maintenance Agency (FERMA), has come under severe pressure due to repeated downpours and the movement of heavy-duty vehicles, which exposed it to structural threats.

The Federal Executive Council approved additional funds for the project, supplementing the money initially approved in 2018.

The arrival of CCECC equipment at the affected site on Wednesday has brought hope to the people of Ohafia and all users of the road. This follows the termination of the previous contractor, Heartland, whose contract was revoked due to issues concerning the quality of work.

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Speaking on the arrival of the new contractor, the member representing Arochukwu/Ohafia Federal Constituency, Ibe Okwara Osonwa, stated that the progress was a result of his engagement with the Minister of Works, David Umahi, through the Abia State Government, to ensure repairs on the road and the Nmuri Bridge to prevent total collapse.

He expressed gratitude to Governor Alex Otti, his deputy, and Senator Orji Uzor Kalu for their swift response to the road’s condition, but urged host communities to offer maximum cooperation to the contractor to ensure smooth and timely completion of the work.

CREDIT: DAILY POST

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