NUPRC to penalize firms for failingto deliver crude for domestic refining.

NUPRC to penalize firms for failingto deliver crude for domestic refining.

As local companies have sent their notification to start refining crude oil, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) at the weekend said any company that fails to supply them with the agreed crude oil will be compelled to pay 50% of the amount per barrel not delivered.

The commission’s Head, Public Affairs and Corporate Communications, Mrs. Olaide Shonola broke the news in a press statement issued at Abuja.

 “A company that fails to comply with the DCSO would be made to pay a penalty of 50% of the Fiscal Price per barrel not delivered,” she said.

According to her, NUPRC has restated its determination to apply all required penalties for default and has emphasised that a company that fails to respond to the Request for Quotation (RFQ) within the specified period is liable to pay an administrative fine of USD10,000, while a company that has not complied with its DCSO, where the willing buyer(s) exist will not be granted an export permit.”

The statement noted that more local refineries have notified the commission on their readiness to begin production soon in the country.

Shonola revealed that NUPRC is taking all necessary steps within the prescriptions of the Petroleum Industry Act (2021 ) to ensure an adequate and consistent supply of feedstock to operators.

It cautioned that there would be consequences for sabotaging the process.

The statement noted that preemptive steps are being taken because it would send wrong and unbecoming signals to the international business community if operators of domestic refineries in one of the world’s largest crude oil producing countries start importing feedstock for their production.

According to NUPRC, it was in contemplation of this that Section 109 of the Petroleum Industry Act (PIA) 2021 introduced the Domestic Crude Supply Obligation (DCSO) to Nigeria’s oil industry in a bid to ensure that domestic refineries are not starved of crude oil supply for their operation.

Hon Ojuawo Congratulates President Bola Tinubu on his victory at Apex Court.

Hon Ojuawo Congratulates President Bola Tinubu on his victory at Apex Court.

 

The Honourable Member representing the Ekiti South Federal Constituency 1, Hon. (AVM rtd) Ojuawo Rufus Adeniyi has congratulated  President Bola Ahmed Tinubu on his victory at the Apex Court.

Hon Ojuawo said the unanimous judgement elated Millions of Nigerians who voted for our great party All Progressive Congress on February 25, 2023. In his Congratulatory Message, Ojuawo affirmed that the rule of

law is meant to protect the people will in free and fair electioneering process.. 

'It is time to now place partisan politics on the shelf for the moment for all contestants to join hands as much as possible with Mr. President for the good and development of our country'.

He also felicitated with Nigerians and the entire members of the APC family in Nigeria and in diaspora on the final resolve of the presidential dispute.

'I am elated to congratulate our President on his victory at the Supreme Court. We have many challenges confronting us as a Nation such as the prostrate economy, infrastructural deficit, climate change, insecurity and so on. President Bola Tinubu will now concentrate more on these challenges and channel his energy on resolving them to better the life of every Nigerians.   I urge the defeated petitioners to place love for the Country above sentiments and partisan strivings and join the President in his efforts to build a better Country', Ojuawo concluded.

OJUAWO MEDIA TEAM

Hon Ojuawo Celebrates Senator Adaramodu on his victory at Court.

Hon Ojuawo Celebrates  Senator Adaramodu on his victory at Court..

Hon (AVM Rtd) Ojuawo Rufus Adeniyi, Member of house of representatives representing Ekiti South Federal Constituency 1 has joined the good people of Ekiti South Senatorial District to Celebrate with Senator Adeyemi Raphael Adaramodu on the final resolution  of his electoral victory at court.

In his Congratulatory message, Ojuawo said, 'your victory at the court was highly expected by the good people of Ekiti South Senatorial District haven demonstrated that through their votes on 25th February 2023 at the poll. I thank the judges for further affirmed the will of our people through their Judgement by upholding the decision of the tribunal on the matter.

'Your commitment to the  grassroots and the  continuous contribution to their development has endeared  you to them, I salute your constitency in ensuring equal participation of all and sundry. The final court process will now allow you to concentrate more on your legislative duties and bringing more dividends of democracy to our people'.

Hon Ojuawo equally urge Senator Abiodun Olujimi to see the judgement as the will of people and support our distinguished Senator Adaramodu in his quest to promote Ekiti at the Red Chamber as their Spokesman.

OJUAWO MEDIA TEAM.

Ekiti State Government set to partner private sector on mineral resources.

Ekiti State Government set to partner private sector on mineral resources. 

The Ekiti State Goverment will create an enabling environment that will stimulate exploration of abundant mineral resources and provide employment for it's treeming youth population. 

Hon. Commissioner for the Ministry of Wealth Creation and Employment, Ekiti State, Otunba Kayode Fasae in his recent engagement of stakeholders in the private sector on the importance of private public partnership in facilitating wealth creation and employment, made this statement in Lagos.

Discussing with the Chief Executive Officer of Multiverse Mining and Exploration PLC, the honorable commissioner conveyed the desire of the administration led by his excellency, the Executive Governor of Ekiti State, Governor Biodun Abayomi Oyebanji, to explore mineral exploration as a path to wealth creation in the state. 

The CEO, Mr. Ayo Oluwasusi explained that his organization would be willing to engage the government in a partnership. He revealed that his organization was willing to confirm the availability of certain resources in commercial quantity, and upon confirmation, was willing to work with the state government to set up the necessary facilities for mining and production. 

At the end of the meeting, it was agreed that such a partnership required the input of other important stakeholders within the government and the private sector. If concluded, the job opportunities to emanate from the partnership was estimated to be around 500 jobs. The commissioner further explained that the provision of jobs would not be an end in itself, but simply a pebble intended to set off a ripple effect of wealth creation for the state.

President Tinubu Celebrates Revered Traditional Ruler, Oba Rilwan Akiolu of Lagos, At 80.

President Tinubu Celebrates Revered Traditional Ruler, Oba Rilwan Akiolu of Lagos, At 80.

President Bola Tinubu celebrates his long-time ally, friend, and confidant, His Majesty, Oba Rilwan Akiolu of Lagos State, on his 80th birthday.

President Tinubu describes the revered monarch as a fountain of wisdom, knowledge, and a staunch custodian of the rich culture and traditions of Lagos.

"Oba Akiolu and I have come a long way. He is my confidant. He is a dear friend I hold in high esteem for his integrity, honour, and forthrightness. He is always generous with his wise counsel and always willing to offer his fatherly guidance.

"Baba is a defender of the truth and his people. My achievements as Lagos State Governor are partly due to his support and counsel. His Majesty's reign has brought peace, progress, and development to the good people of Lagos," the President says.

The President thanks the Eleko of Eko for his unceasing prayers and support, recalling his interventions over the years, even in trying times. 

"Today, I celebrate an extraordinary monarch whose wit and foresight are peerless. May His Majesty live long, and may his reign on the throne of his fathers continue to be prosperous," President Tinubu prays.

The Oba of Lagos is a monarch of many achievements. He rose to the pinnacle of his professional career, retiring as an Assistant Inspector-General of Police. The Oba is a fellow of the Nigerian Law School. 

Oyebanji Names Seven-Member Board For Fountain Holdings Limited.

Oyebanji Names Seven-Member Board For Fountain Holdings Limited.

 

Determined to boost the state’s investment drive, Ekiti State Governor, Mr Biodun Oyebanji has named a seven-member board to drive the state-owned Fountain Holdings Limited.

The members are:

1​. Mr. Jide Ogundare​-Chairman

2​. Ms Folakemi Fatogbe-Member

3​. Mr Akintunde Oyebode-Ex-Officio

4​. Mrs Tayo Adeola-​Ex-Officio

5​. Mrs Adenike-Yomi Faseun-Member

6​. Mr. Ayo Fakolade-​ Member

7​. Mr. Kunle Gidado​- Member

 

*Jide Ogundare: 

Mr Jide Ogundare, who is being re-appointed as Chairman of the Board of Fountain Holdings Limited, is CEO MBO Capital Management Limited, an equity firm that invests in small to medium sized companies in Nigeria and the rest of Anglophone West Africa.

Ogundare holds a first degree in Law from the School of Oriental and African Studies (SOAS), University of London, and called to the Nigerian Bar in 1987. He also holds an MBA from Cardiff Business School, UK.

His areas of expertise include client and investor relations, transaction structuring, policy and procedure development, and performance improvement.

 

 

Folakemi Fatogbe: 

Folakemi Fatogbe, a banker and risk management expert was a former Director, Risk Management at the Central Bank of Nigeria (CBN). She is the Chief Executive Officer/Founder, De-Risking Lab, and the Creative Director/ Founder of Oyaato.

Fatogbe studied Communication Arts at the University of Ibadan and started her banking career at the Public Relations Department, Owena Bank. She later bagged an MBA in Finance and International Business at the Cardiff Business School, UK. From there, she went into UK banking sector and started in financial control and corporate strategy at the NatWest Banking Group, Head Office in the City of London.

She later worked for the Bank of England as a Senior Risk Analyst covering Emerging Markets, (African and Gulf banks). She also worked as Programme Director for Banking at NCR and from there to Lloyds Financial Markets, the Royal Bank of Scotland, and Chase Cooper Consulting as a Risk Consultant. She joined the CBN upon her return to Nigeria In the heat of the 2008/2009 global financial crises and served as Special Adviser to the CBN Governor on Banking Reforms and Risk Management as well as Director of Risk Management of the apex bank.

 

 

Adenike Yomi-Faseun:

Adenike Yomi-Faseun is a multi-skilled professional with over 26 years experience in migration management, business services support, global mobility, immigration advisory and compliance services, and tax compliance management.

She is a Supervising Partner in KPMG for Country Briefing engagements, where she has assisted various clients in educating their expatriate employees and dependants on the challenges of living and working in Nigeria. She leads corporate social responsibility (CSR) Team at KPMG Nigeria and supervises the implementation of impactful activities in the communities.

Adenike holds a Master of Business Administration (MBA) from Lagos State University, Ojoo, Lagos; and a Bachelor of Science degree in Sociology from the Obafemi Awolowo University (OAU), Ile-Ife.

 

Ayo Fakolade: 

Ayo Fakolade, Founder of Compleo Legal, has significant and diverse expertise in commercial Law. He has advised several indigenous and foreign companies, development finance institutions, non-profit organisations and individuals on diverse issues.

Prior to founding Compleo Legal, Ay has had stints with Aluko & Oyebode, Nigeria’s leading Commercial law firm. He also worked at a holding company with subsidiaries in the financial, real estate and telecommunication sectors.

Ayo Fakolade holds a law degree from the University of Ibadan and a master’s degree in law from Northwestern Pritzker School of Law, Chicago, Illinois, USA. He also holds a Certificate in Private Equity, Londo Business School, UK.

 

Olakunle Gidado: 

Gidado has an extensive experience in the oil and Gas sector and currently heads Nigeria- Lukoil International Trading and Supply Company. He had previously served as Managing Director and Regional Lead, BP Global West Africa, where he provided leadership for the delivery of BP supply and trading West Africa strategy including: access to refined product markets, biofuel and crude lifting opportunities and asset/infrastructure investments. He had previously worked in the United Kingdom and United States of America.

Gidado holds a bachelor’ degree in Accounting and a Master of Science degree in Finance from University of Houston, C.T. Bauer College of Business. He also holds an MBA from the Houston Christian University, Archie W. Dunham College of Business, USA.

 

Akintunde Oyebode:

Currently Ekiti State Commissioner for Finance, a position he is manning for a second consecutive term. He had previously served as Special Adviser to the Governor on Investment, Trade and Innovation.

Oyebode is a trained Economist who is passionate about sustainable development, investment and youth employment. He started his career as a Research Assistant at the Lagos Business School, before going into the banking industry where he spent over a decade in various roles with First City Monument Bank (FCMB) and Stanbic IBTC Bank, where he was Head of SME Banking. The 2002 Economics graduate of University of Lagos, Akoka, was the pioneer Executive Secretary of the Lagos State Employment Trust Fund (LSETF), established to provide financial support to residents of Lagos State, for job and wealth creation and to tackle unemployment.

 

Tayo Adeola:

Currently the Commissioner for Investment, Trade and Industry in Ekiti State, Mrs Adeola came into public service as a Special Adviser to the Governor on Investment, Trade and Industry.

Adeola is an investment banker with over 31 years cognate experience. She began her career with the ICON Limited (Merchant bankers) in 1991 and join Consolidated Discounts Limited in 1996 as a pioneer security dealer and managed assets in excess of $1,2billion. She later served as Managing Director of Capital Express Assets and Trust Limited and was Vice President, bank of America Merrill Lynch International where she managed assets in excess of $50 billion.

 

The date for the inauguration of the board would be announced later.

The Biodun Oyebanji administration is committed to working with individuals, corporate organisations and institutions in the bid to ensure growth and development in line with the shared prosperity mantra of the administration.

Crisis hits Ondo Assembly over Deputy Gov’s impeachment.

Crisis hits Ondo Assembly over Deputy Gov’s impeachment.

Crisis has hit the Ondo State House of Assembly over move by the lawmakers to continue impeachment process against the Deputy Governor, Lucky Aiyedatiwa, despite the political solution proffered by the national leadership of the All Progressives Congress (APC).

Speaker of the Assembly, Oladiji Olamide, had written to the Chief Judge, Justice Olusegun Odusola, to constitute a seven-man panel to investigate allegations of gross misconduct leveled against Aiyedatiwa.

The Speaker had said the restraining order by a Federal High Court in Abuja had elapsed.

But 12 lawmakers led by spokesman of the Assembly, Oshati Olatunji, in a letter addressed to Justice Odusola, urged him to disregard the recent letter by Speaker Oladiji.

The 12 lawmakers, in the letter, said the Speaker’s letter did not emanate from any of the sittings of members of Ondo State House of Assembly.

They said the order of interim injunction of the Abuja Division of the Federal High Court still subsists, saying it was neither vacated nor set aside.

The lawmakers said it would be contemptuous for them to act in contravention of the subsisting order of Court.

The letter stated: “The decision to transmit the purported letter of Ondo State House of Assembly dated 23rd October, 2023, signed by Rt. Hon Oladiji Olamide Adesanmi, was taken without a formal sitting of the House and our knowledge as members of the 10th Assembly.

“It is our considered view that we should be honourable indeed by standing with our acceptance at the Abuja meeting to suspend the impeachment process and allow for amicable and political solution to the issue for the benefits of governance and peace of Ondo State.

“In the light of the foregoing, we the undersigned members of Ondo State House of Assembly wish to dissociate ourselves from the letter titled: Request to Constitute a Seven-man Panel to Investigate the Allegation of Gross Misconduct Against the Deputy Governor of Ondo State.”

Those that signed the letter were Hon. Japheth Oluwatoyin, Hon. Jide Oguntodu, Hon. Tiamiyu Fatai Atere, Hon. Gbegudu Ololade, Hon Allen Oluwatoyin, Hon. Abitogun Stephen, Hon. Tope Komolafe, Hon. (Barr) Afe Felix, Hon. Oladapo Biola and Hon. Fayemi Olawumi.

Hon. Oshati Olatunji, who confirmed the contents of the letter, said they were not properly consulted.

He said: “The letter is true. It actually emanated from us. If you look at the content of the letter, it addressed a particular point—the last letter sent to the Chief Judge of Ondo State by the Speaker.

“The Speaker did not consult well. It has to be a collective responsibility because we have lawyers among us who normally advise us on the implications of some of the things we do when it comes to legal issues.

“That is why they hammered on the last letter being contentious as long as the vacation on the injunction has not been removed.

“It is just an inter-house conflict, but unfortunately, people coloured it and gave it so many meanings. But the content of that letter said it all.

“We are after due process as we promised the people of Ondo State. And since the national body of our party (APC) has intervened, we believe in exploring the reconciliatory move because the two gladiators are our fathers; they are the leaders.”