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At N200bn, NNPC has highest share capital in Nigeria- CAC

President Muhammadu Buhari was, on Friday, presented with the rich financial profile of the Nigerian National Petroleum Company,( NNPC)

The Corporate Affairs Commission (CAC) said the NNPC Limited had made history for being the company with the highest share capital in the country.

The Registrar General, Corporate Affairs Commission, Alhaji Garba Abubakar, revealed this on Friday, in Abuja, while presenting the Certificate of Incorporation of the Company to the President at the State House.
According to the News Agency of Nigeria(NAN), during the presentation ceremony, organized by the management of the NNPC Limited headed by the Company’s Chief Executive Officer, Malam Mele Kyari, the CAC Chief Executive told President Muhammadu Buhari that the company was registered electronically within 24hrs, with an initial share capital of N200 billion Naira.
Responding, President Muhammadu Buhari noted with delight the feat attained by the NNPC Limited and therefore, charged the management of the company to ensure that it was adequately capitalized.
He pledged his continued support to the company which, he noted, was strategic to the economic development of the country and therefore, prayed for its success.
President Muhammadu Buhari had on the 16th of August, 2021 signed into law, the Petroleum Industry Act (PIA), 2021.
Section 53(1) of the Petroleum Industry Act 2021, requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of the enactment of the PIA, in consultation with the Minister of Finance on the nominal shares of the Company.

The Registrar General had earlier revealed that the CAC completed the Registration of the NNPC Limited on 22nd September 2021.

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Freight Monitor

ANLCA in a make-or-break NEC meeting.

Emenike Nwekeoji , ANLCA President
The Eyewitness Reporter 
After much pressure and political horse-trading, the Association of Nigerian Licensed Customs Agents (ANLCA) will belatedly hold its National Executive Committee(NEC) meeting on Friday, April 26th, 2024 at its National Secretariat in Lagos.
According to the agenda of the meeting, there are two matters slated for discussion.
These include the election into the Board of Trustees(BOT) of the association and the reconstitution of the Association Electoral Commission(ASECO) following the managed resignation of the former ASECO chairman, Chief Alloy Nze Igwe.
However, concerned stakeholders in the association told our reporter that the decisions taken by Chief Emenike Nwekeoji-led NEC at Friday’s meeting would either make and consolidate the graveyard peace in the association or lead to a resurgence of crisis and litany of litigations.
Our reporter gathered that the reconstituted ASECO, whose new  Chairman and Secretary will be unveiled at Friday’s meeting, may likely spark off a fresh crisis due to the coloration, qualification and affinity of the chosen members as well as the manner they emerged.
All eyes are therefore on the President of the association, Chief Emenike Nwekeoji, and the BOT Chairman, Alhaji Taiwo Mustapha, who are accused of being in an unholy alliance with other older members of the association to undermine the peace accord that ushered in the graveyard peace in the association through the choice of the reconstituted ASECO membership.
“The outcome of Friday’s meeting will decide the direction of ANLCA, whether to return to the trenches or consolidate on the new found fragile peace in the association,” a high-ranking member of ANLCA said.
 
” The frailty of the peace in ANLCA will be put to test tomorrow(Friday)” another member declared. 
 
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Alleged N8.5bn Fraud: You Have Case To Answer, Lagos Court Tells NIMASA Staff, Ex-JTF Commander

The Eyewitness Reporter 

Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos, on Monday, April 22, 2024, told a former Commander of the Joint Military Task Force, Operation Pulo Shield, Major-General Emmanuel Atewe (rtd.), and a staff of the Nigerian Maritime Administration and Safety Agency, NIMASA, Kime Engonzu, that they have a case to answer in the alleged N8.5bn money laundering case brought against them by the Economic and Financial Crimes Commission, EFCC.

Atewe and Engonzu are standing trial on a 22-count charge bordering on money laundering to the tune of N8, 537,586,798.58, which also involves a former Director-General of NIMASA, Patrick Akpobolokemi, and Josephine Otuaga, also a staff of NIMASA.

One of the counts reads: “That you, Patrick Ziadeke Akpobolokemi, Major General Emmanuel Atewe, Kime Engozu, and Josphine Otuaga, sometime in 2014, in Lagos, within the jurisdiction of this Court, with intent to defraud, conspired amongst yourselves to commit an offence to wit: conversion of the sum of N8,537,586,798.58 property of the Nigerian Maritime Administration and Safety Agency and you thereby committed an offence contrary to Section 18 (a) of the Money Laundering (Prohibition) Act 2012 and punishable under Section 15 (3) of the same Act.”

They pleaded “not guilty” to the charges, thereby prompting the commencement of their trial.

In the course of the trial, the prosecution called several witnesses and subsequently closed its case against the defendants.

However, the defendants, rather than open their defence, filed a no-case-submission.

Akpobolokemi had, in a no-case submission, filed by his lawyer, Dr. Joseph Nwobike, SAN, prayed the court for an acquittal without having him present a defence.

Ruling on the no-case submission on Monday, Justice  Faji discharged and acquitted Akpobolokemi and Otuaga, the fourth defendant.

 He, however, ruled that Atewe, the second defendant, and Engonzu, the third defendant, should open their defence in counts 12 to 22 of the charge.
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EFCC Chairman, Ola Olukayode, threatens to resign if Yahaya Bello is not brought to justice.

Ola Olukayode, EFCC Chairman
The Eyewitness Reporter
The Executive Chairman of the Economic and Financial Crimes Commission,  (EFCC) Mr Ola Olukoyede has expressed his determination to bring the fleeing former Kogi State Governor, Yahaya Bello to justice, vowing to resign if he fails to do so.
The EFCC boss made the pledge on Tuesday in Abuja while addressing media executives at the Corporate Headquarters of the commission.
Bello has been on the run and declared wanted by the anti-graft agency over an allegation of money laundering to the tube of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty-Six Million, Four Hundred and Seventy Thousand and  Eighty Nine Naira, Eighty Eight Kobo).
The EFCC boss declared that the fleeing former Kogi State Governor can only run but cannot hide.
He also revealed how he made personal efforts to invite the suspect to respond to investigations regarding his alleged involvement in money laundering allegations.

According to the EFCC Chairman,  he had a telephone conversation with Bello offering him ample opportunities to present himself for interrogation by investigators of the EFCC.

“On my honour, I put a call to him to honour him as a former governor.

” He said, I can’t come, claiming that a certain lady has surrounded the EFCC with over 100 Journalists to embarrass or intimidate him and all that stuff.
“I said if that is your fear, I will make you come directly to my floor. I will invite my operatives to interrogate you in my own office.
” What could be more honourable than that? Do you know what he said? ‘Can’t they come to my village?’ My Director of Investigations also sent a message to him”, he said.
The EFCC’s boss said he was worried at the report of larceny available to the EFCC concerning the former governor.
 “A sitting governor, because he knew he was going, he moved money directly from the government’s account to a bureau-de-change to pay his children’s school fees in advance, $720,000, in anticipation that he was going to leave government house”, he said.
He denied the claim that he was being used against Bello, saying he inherited the case file on the suspect.
Olukoyede also disclosed that the EFCC, in its bid to ensure the safety and stability of the foreign exchange market, has uncovered a new fraudulent scheme called P2P, peer to peer trading scheme.
The platform, according to him, is operating outside the official banking and financial corridors, with more than 300 (Three hundred) accounts linked to it already frozen by the EFCC.
He disclosed that if the EFCC has not moved against these Ponzi operators, the Nigerian economy would have once again crashed.
He reaffirmed the commitment of the  Commission to the economic growth and development of the country,   promising that the EFCC would not relent in the exercise of its mandate.

He told the media executives that the Commission has recovered more than N120billion from fraudsters within six months and secured more than 1300 convictions.

He called on Nigerians to be more dedicated to the nation,  insisting that patriotic Nigerians should offer more support to the EFCC because the  Commission is crucial to the growth and development of Nigeria.

‘’If you support the EFCC, you are working for the growth of Nigeria. We all have stakes in the well-being of our nation”, he said.
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