Economy
NNPC pleads as Tanker Drivers set to embark on strike over deplorable roads

Aboyeji said that all tanker drivers from the union would withdraw their services nationwide.
“This is not the first time that we will signify our intention to go on strike but we have to call it off because it will generally affect the majority of Nigerians but now our hands are tied.
“We are going on nationwide strike because of the deplorable and shameful state of our highways.
“When a truckloads petrol in Lagos, the drivers spend five to six days to get to Abuja because of the shameful state of the roads.
“All calls by the executive of petroleum unions have fallen on the deaf ears of the government as the highways continue to deteriorate nationwide.
“The list of the highway are endless and the tanker drivers have been going through the harrowing situation while rendering selfless national service.
“The increased rate of fire incidences involving petroleum tankers with accompanying massive destruction of lives and properties of our members and the general public is enough.
“This is because of government failure to enforce installation of safety gadgets on tankers.
“This will protect the inflammation contents of their trucks from spilling over in a situation of a road accident.
“We see the failure of the government in this regard as height of insensitivity to lives of innocent Nigerians and the union cannot continue to hold its hands while our members are getting burnt everywhere and every day,” he said.The zonal chairman said the union is not happy with the unscrupulous abuse of tonnage.
“There are some trucks that carry 60,000 litres to 100,000 litres on the highway.
“This load has a negative effect and impact on the safety and control of drivers on the wheel as well as durability and sustainability of the highway.
“The unions do not want any truck to carry more than the approved capacity,” he said.
Aboyeji said the union had given notice to the government to put all these in order to avert the nationwide strike on Monday.
“We know that the present administration would not do anything until we start the nationwide strike,” he said.
“However, even though it is not the responsibility of the NNPC to build or rehabilitate roads, any disruption in the distribution of petroleum products to different parts of Nigeria will adversely affect the business of the NNPC and endanger energy security, which the country has enjoyed for a long time now.
“In recognition of this, the NNPC wishes to assure the Petroleum Tanker Drivers that in addition to the ongoing efforts by other agencies of government, the NNPC has initiated a process that will provide a quick and effective solution to the roads network challenges as expressed by the PTD.
“Having recognised that the major reason slowing down the rehabilitation of the road networks in the country is the paucity of funds, the NNPC has expressed interest to invest in the reconstruction of select Federal roads under the Federal Government’s Road Infrastructure Development and Refurbishment Investment Task Credit Scheme.
“The thrust of the NNPC’s intervention is to make considerable funds available for the reconstruction of roads through it Future Tax Liability.
“NNPC as a responsible corporate entity recognises the legitimate concerns of the PTD, however, appeal to the leadership and members to reconsider their decision in the overall national interest.
“Accordingly, we urge PTD to immediately call off the strike notice and give the current efforts by government and its agencies a chance to solve the challenges in the interest of all.
“We also wish to strongly advise Nigerians not to engage in panic buying of petroleum products as the NNPC has sufficient stock to last through this festive season and beyond.“
Economy
Dangote Refinery reduces ex- depot price of petrol from N950 to N890

Economy
CBN fines Fidelity bank, Zenith Bank, First bank, UBA, five others N1.35b for hoarding cash at Xmas

The statement read, “In a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria has sanctioned Deposit Money Banks for failing to make Naira notes available through automated teller machines, during the yuletide season.
“Each bank was fined N150m for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches.
Economy
EFCC under fire over failure to disclose identity of ex- government official owner of forfeited Abuja estate

Funso OLOJO
Enraged Nigerians have taken a swipe at the Economic and Financial Crimes Commission (EFCC) for keeping silent on the identity of a “former government official” who owns 753 units of duplexes on a 150, 500 square metres in Abuja which the commission said was from proceeds of corruption and forfeited to the Federal Government.
However, in a statement on Monday December 2nd, 2024, the anti- graft agency announced with glee the final forfeiture of the estate to the federal government.
According to the EFCC, the forfeiture order was made by Justice Jude Onwuegbuzie, on Monday, December 2, 2024 when he gave a ruling on the EFCC application that the gigantic estate be forfeited to government.
The estate is in Abuja measuring 150,500 square metres and containing 753 Units of duplexes and other apartments.
“This is the single largest asset recovery by the EFCC, since its inception in 2003.
” The Estate rests on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja” the statement declared.
The commission said the forfeiture of the property to the federal government by the owner who was simply described as “a former top brass of the government” was pursuant to EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities.
In this instance, the Commission relied on Section 17 of the Advance Fee Fraud And Other Fraud Related Offences Act No 14, 2006 and Section 44 (2) B of the Constitution of the 199 Constitution of the Federal Republic of Nigeria to push its case.
Ruling on the Commission’s application for the final forfeiture of the property, Justice Onwuegbuzie held that the respondent have not shown cause as to why he should not lose the property, “which has been reasonably suspected to have been acquired with proceeds of unlawful activities, the property is hereby finally forfeited to the federal government.”
The road to the final forfeiture of the property was paved by an interim forfeiture order, secured before the same Judge on November 1, 2024.
The government official which fraudulently built the estate is being investigated by the EFCC.
The forfeiture of the asset is an important modality of depriving the suspect of the proceeds of the crime.
The justification for the forfeiture is derived from Part 2, Section 7 of the EFCC Establishment Act, which stipulates that the EFCC “has power to cause investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes and cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”
However, the action of the anti graft agency has attracted scathing remarks from members of the public who were enraged by the failure of the commission to name and shame the owner of the forfeited property.
Nigerians, who took to their X handle, lambasted the EFCC, describing the non disclosure of the owner of the estate as inimical to the fight against corruption.
They disclosed that naming and shaming the owner would have sent a strong signal to all corrupt individuals, both in government and out of government of the genuine intentions of the EFCC to fight corruption.
The enraged respondents inquired that if the EFCC could quickly name and display the pictures of Internet fraudsters otherwise known as “Yahoo boys” publicly, they saw no justification for covering the identity of this ” ex government official”
Nevertheless,the Commission’s Executive Chairman, Mr. Ola Olukoyede, has repeatedly described asset recovery as pivotal in the fight against corruption, economic and financial crimes and a major disincentive against the corrupt and the fraudulent.
Addressing members of the House of Representatives Committee on Anti-corruption recently, he said, “If you understand the intricacies involved in financial crimes investigation and prosecution you will discover that to recover one billion naira is war.
“So, I told my people that the moment we start investigation we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight; and one of the potent instruments that you can deploy as an anti-corruption agency for an effective fight is asset tracing and recovery.
“If you allow the corrupt or those that you are investigating to have access to the proceeds of their crime, they will fight you with it.
” So one of the ways to weaken them is to deprive them of the proceeds of their crime. So, our modus operandi has changed simultaneously.
“The moment we begin investigation, we begin asset tracing. That was what helped us to make our recoveries.”
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