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Reps reject NNPCL’s OVH acquisition report, order fresh investigation
The House of Representatives rejected the findings of its Ad-hoc Committee regarding the suspected irregularities and corruption in the acquisition of OVH Energy Marketing by the Nigerian National Petroleum Company Limited (NNPCL) during its session on Wednesday. The report led by Hassan Abubakar Nalaraba was dismissed following a debate on Tuesday, prompted by new evidence suggesting procedural flaws in the investigation.
Surprisingly, documents authored by Huub Stokeman, a foreign national serving as the Managing Director of NNPCL Retail and formerly of OVH, surfaced. Stokeman had requested the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to renew OVH’s license before the acquisition was finalized. This revelation raised concerns about potential conflicts of interest, given that the MD of the acquired company now heads the acquiring entity.
In response, the House resolved to conduct a thorough review of the entire acquisition process, including scrutinizing acquisition agreements, financial records, and valuation reports, to ensure Nigeria’s interests were safeguarded. To execute this, the Standing Committee on Petroleum Resources (Downstream), chaired by Ikenga Imo Ugochinyere, was tasked with carrying out a forensic investigation into the multibillion-naira acquisition deal and providing prompt feedback.
This decision followed previous actions by the House, including a directive in July of the preceding year to halt the acquisition pending investigations into alleged irregularities and corruption, as raised by lawmakers like Miriam Onuoha. Onuoha had expressed concerns about discrepancies in OVH’s assets prior to the acquisition.
NNPCL had announced the acquisition of OVH Energy and its affiliate, Apapa SPM Limited, in October 2022, with the aim of bolstering its downstream business operations and ensuring national energy security.
While the Ad-hoc Committee was completing its inquiry, the Nigeria Transparency Council (NTC) lodged complaints against the NNPCL management, alleging a flawed acquisition deal involving Nueoil, OVH Energy, and the misrepresentation of assets, which it claimed cost billions of naira.
The NTC petitioned the House Committee on Petroleum Resources Downstream, chaired by Ikenga Imo Ugochinyere, urging a thorough investigation into the acquisition agreement, including the identities of Nueoil’s promoters and the swift transition of officials between Nueoil and NNPCL.
The House acknowledged the need to address various uncertainties surrounding the acquisition, including the accurate valuation of assets amid allegations of overvaluation and asset ownership disputes, such as assets allegedly under lease rather than fully owned by OVH.
The Federal Government has announced the closure of the Eko Bridge and Ramps for eight weeks to carry out essential asphalt resurfacing work.
Mrs. Olukorede Kesha, the Federal Controller of Works in Lagos, shared this information in a statement on Saturday. She noted that the resurfacing project is set to begin on Friday, September 20, at 7:00 a.m., and will continue until November 20.
Due to the closure, drivers will need to follow detours and alternative routes. Kesha advised that motorists traveling to the Island from Funsho Williams Avenue should utilize the service lane at Alaka to connect to Costain and access the Eko Bridge.
She explained that some sections of the bridge will be fully closed while others will have partial access.
“This important project aims to enhance road safety and improve the driving experience for motorists,” she stated. The work will involve milling the existing asphalt and laying down new asphalt on both the bridge and ramps to address wear and tear and create a smoother, safer roadway.
Osun State Governor, Ademola Adeleke, has appointed Akinwale Sarafadeen Adeyemi as the new Chairman of the Governing Council for Osun State College of Education in Ila-Orangun.
The announcement was made in a statement on Friday by Governor Adeleke’s spokesperson, Olawale Rasheed. The statement described Adeyemi as an experienced educationist and noted that he will succeed Peter Babalola, the former chairman, who was dismissed by the state government earlier this month.
Babalola, who was also a member of the Peoples Democratic Party (PDP) in the state, faced suspension from his local ward in Irewole due to public criticism over alleged financial misconduct before his removal.
The statement highlighted, “Governor Ademola Adeleke has approved the appointment of Mr. Akinwale Sarafa Adeyemi, a seasoned educationist, as the new Chairman of the Governing Council of Osun State College of Education, Ila-Orangun. Mr. Adeyemi replaces Dr. Peter Babalola, who resigned following a controversial term at the college.”
Adeyemi holds both a bachelor’s and a master’s degree in Education from the University of Ibadan and is a retired principal of the Federal Girls College in Ipetumodu. His swearing-in ceremony is scheduled for 10 a.m. on Monday at the EXCO lounge.
The police have reported that their operatives apprehended political thugs and seized firearms during overnight operations in Edo State, where the governorship election is taking place today, Saturday.
They also vowed to address illegal weapons possession and prevent any disruptions to the electoral process in the state.
Prince Olumuyiwa Adejobi, the Force Public Relations Officer, shared this information in a statement on Friday night, along with images of the recovered firearms.
He identified the arrested individuals as Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member from Ugbogbo quarters in Igara Akoko, Edo.
“The Nigeria Police Force has made a significant breakthrough in combating electoral violence in Edo State with the arrests of Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member,” the statement noted.
According to DAILY POST, residents of Edo State will be voting for a new governor today, September 21, 2024, who will succeed Governor Godwin Obaseki after his eight-year term ends.
Nigerian Govt shuts Eko Bridge, ramps for 8-week repairs
Gov Adeleke appoints new Governing Council Chairman for Osun College of Education
Edo Decides: Police arrest armed political thugs ahead of election
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