NNPC Aims 20% Stake In New Fertiliser Company | Nigeria News
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NNPC Aims 20% Stake In New Fertiliser Company

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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, said Nigeria would soon acquire a 20 per cent stake in the Nagarjuna Fertiliser Project.

Baru said this in a statement by the NNPC Spokesman, Mr Ndu Ughamadu on Monday in Abuja.

According to him, NNPC will take 20 per cent equity in the Nagarjuna Fertiliser Project in Nigeria and provide the gas feedstock.

He said the project was designed to produce 2.8 metric tonnes per annum (mtpa) of urea and 0.22mtpa of ammonia.

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He charged members of the Joint Management Committee of the project to work hard to achieve early Final Investment Decision (FID) for the eventual take-off of the project.

Inaugurating the project committee, Baru noted that the President Muhammadu Buhari-led administration was keenly interested in diversifying the economy by growing the agricultural sector.

He said the early take-off of the Nagarjuna Fertiliser Project would be a boost to that aspiration.

”It is my expectation that the negotiations with the financiers and other prospective investors will be concluded in order to meet the FID target of March 2019.

”With the composition of the committee, I believe the target FID date will be achieved.

”The key message to the committee, therefore, is to ensure that we conclude the pre-FID activities in good time to achieve the FID target,” Baru said.

He said the project was in tandem with the objectives of the Federal Government’s 7-Big Wins and the corporation’s 12-Business Focus Areas to aggressively commercialise the nation’s enormous gas resources through gas-based industrialisation.

He congratulated the Management of Nagarjuna for its tenacity and acquisition of a new project site in the Ikot Abasi oil and gas free trade zone.

Members of the committee are Mr Kovvuri Dharudu, Chairman; Ms Blessing Arinze (Nagarjuna); Mr Moses Oladejo (Nagarjuna); NNPC Chief Financial Officer, Mr Isiaka Abdulrazaq and NNPC Chief Operating Officer, Gas and Power, Mr Saidu Mohammed.

Others are Managing Director, Gas and Power Investment Company, Mr Husaini El-Yakub; and Group General Manager, Corporate Planning and Strategy, Mr Bala Wunti.

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Business

CBN, Governor Emefiele reacts to ‘missing’ of over N600bn

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Breaking News; Buhari appoints Godwin Emefiele, CBN governor for second term in office

The Central Bank of Nigeria, CBN and the Governor of the Apex bank, Governor Godwin Emefiele has reacted to rumour going around on social media and elite that about 600Bilion is missing since 2016.  The reactions of governor Emefiele was received on Monday morning by NIGERIA NEWS

This news was generated as a result of audio recording going around where the board of the CBN are heard saying 644bn is missing.

Here is the full statement made by the apex bank on the issue and audio recording.

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials.

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Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation – the beginnings of which was omitted to create a different impression – was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

As publicly known, the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

In order to ensure that ordinary Nigerian workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9% with a two-year grace period to 35 States of the Federation. These monies were distributed to the States monthly with documented approval of the Federal Ministry of Finance and the Presidency.

In closing the Bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.

The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it. Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.

The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid. On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that. Had the online media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.

Clearly, those who listened to the audio can easily ascertain that the conversation had nothing to do with anything fraudulent as purported. The Bank therefore urges all well-meaning Nigerians to disregard this audio and continue to trust that the Bank is doing everything it can to represent their interests in the best possible way.

Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies. NO MONIES ARE MISSING OR STOLEN. The integrity of the CBN Governor remains unassailable.

He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever. The use of selective wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand.

The Bank will pursue every legal means to bring the perpetrators to justice.

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Economy

Buhari appoints Godwin Emefiele as CBN governor for second term

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Godwin Emefiele reappointed as CBN governor by muhammadu Buhari, Nigeria president

The news reaching NIGERIA NEWS is that the governor of Central Bank of Nigeria, Godwin Emefiele has been reappointed by the Nigerians president, Muhammadu Buhari for the second term.

Recall that the tenure of the governor of the CBN is meant to expire next month, June buh his reappointment will see him spend another four years in the CBN.

NIGERIA NEWS understands that provided that Emefiele spends another full term he will become the first Nigerian to spend 8 good years in the apex bank of Nigeria since the returning of Democrazy in 1999.

BREAKING: The President of the Senate, Dr. Abubakar Bukola Saraki, has just read a letter from President Muhammadu Buhari, reappointing the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for a second term.

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