ZION B-BC NEWSLETTER.
(Looking at Nigeria and the World's Political System From a Godly Perspective).
A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria {Vol. 10.NO 424. 26th Sept, 2021.} “…ONLY The Truth, Will Set You Free! (John.8:32). PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!
WHITEWASHING NNPC FOUR TOWERS OF CORRUPTION?
Nigeria’s brand new Petroleum Industry Act (PIA), signed by Mr. President on 16th August 2021, has developed a hiccup even before the Seven-man Implementation Committee could commence sitting because the substantive veteran Minister of Petroleum Resources since the military junta suddenly returned the aged-document to the National Assembly (NASS), for an “urgent amendment”!
The “amendment” which had to do with an increase to the Nine- Member Board list that would run the affairs of a proposed NNPC Limited yet to be “incorporated” was sequel to the fact that some of the “lackeys” who missed the TRAIN, had to come on board!
According to a letter forwarded to the Senate on16th September, 2021, before he travelled to New York to BEG FOR DEBT FORGIVENESS at the 76th United Nations General Assembly (UNGA), 2021, the President stated that he needed to appoint FOUR more non-executive members to increase the Board’s composition from nine to thirteen as provided for by the Act to reflect balanced geo-political representation and requested that Sections 11(2)(b) and 34(2)(b) which provide for the Administrative Structure of the PIA 2021.
The President also proposed a deletion of Sections 11(2)(f), 11(2)(g), 34(2)(f), and 34(2)(g) from the PIA to ensure the removal of the Ministries of Petroleum and Finance from the Board of the Nigerian Petroleum Regulatory Authority and Upstream Regulatory Commission which already have constitutional responsibilities of either supervision or inter-governmental relations without being in the Board.
He also sought for amendments to Sections (11)(3), and 41(2) for diverse reasons.
COMMENTS: The avalanche of all the amendments in the previous paragraphs point to the fact of ineptitude of both the part of the OUTGOING SENATE AND PRESIDENCY, which only pre-occupation in politics is aggrandizement whereas PIA mission is planked on attracting serious foreign/local investors into the very strategic and critical oil/gas sector with a view to reducing the unemployment deficit among the host community dwellers!
But Buhari’s apologetics were quick to posit that he initially detected the errors in question BUT assented to the Bill in order to forestall further delay in the implementation of the age-long Bill that had passed through THREE Administrations before the present All Progressives Congress Government!
QUESTIONS: *Did that make any sense? *Now that he has returned the PIA to the National Assembly, will the amendments be processed within few hours, days, weeks or months? *Assuming that the process was fast-tracked to be concluded within few “DAYS”, concurrence with two-thirds of State Houses of Assembly and two-thirds of the Senate/House of Representatives would still be needed before it could be forwarded afresh to the President for new approval!
*What would be the fate of the appointed “Board Members” in-waiting since NNPC Limited was yet to be incorporated?
*Would they be relieved of their appointment with or without remuneration?
*Are we looking at another scenario similar the Niger Delta Development Commission (NDDC) Board Members-In-Waiting whose “supposed functions” have been usurped by an INTERIM BOARD which was set up by President Buhari to probe activities of the Commission from inception year 2000 before handing over to the “bona fide” board? And as usual, President Buhari who listens only to the Cabal group of his Kitchen Cabinet, turned deaf ear to sundry protests/criticism by the critical masses of VOTERS/TAX-PAYERS !
BUT THE FOLLOWING CRITICAL POINTS MUST BE CONSIDERED!
*It would take the Implementation Committee 12 months from the day of Presidential Assent to prepare the ground for the incorporation of a new Nigerian National Petroleum Limited and within another period of SIX months [totalling 18 months], the outfit MUST hit the ground running according to the PIA!
*Is President Buhari’s government on the count-up or count-down stretch? But Grapevine says 29th May 2023 is sacrosanct departure DATE!
*And what would be the fate of the NNPC Board members-in-waiting? Our bet is that they would be prominently highlighted in the HAND-OVER NOTES of Mr. President to his successor who may be destined to implement the albatross called PIA!
NNPC TO OPERATE AS LIMITED LIABILITY COMPANY BUT THE PRESIDENT HAS PUT THE CART BEFORE THE HORSE!
President Buhari had, on Sunday 19th September 2021, directed the incorporation of the Nigerian National Petroleum Corporation (NNPC), into a company in accordance with relevant provisions of the Constitution and Section 53(1) of the PIA, 2021, in consultation with the Minister of Finance, Budget and National Planning on the nominal shares of the new company within six months of commencement of the Act. And yet, the PIA Implementation Committee Members that would work for 12 months had not even sat once!
Section 59(2) of PIA 2021 also empowers the President to approve the appointment of board members with effect from the date of incorporation of the company ie, 12 months from 16th August, 2021, when he appended his assent to the Bill! But he has done the opposite!
PRESIDENTIAL TESTIMONY OF THE INFAMOUS NNPC FOUR TOWERS OF CORRUPTION!
AND out of the blues, Mr. President through his spokesman, ’Femi Adesina, announced on 26th August, 2021, that NNPC has declared a N287 billion profit after tax (PAT).
President Buhari who is the substantive Minister of Petroleum Resources admitted that NNPC had been “a loss-making entity renowned for anomalies, undue political interference and shades of burden” but claimed that the development was a fulfilment of an earlier pledge to publicly declare the financial position of the corporation.
The Group Managing Director, NNPC. Mr Mele Kolo Kyari, also gleefully confirmed the President’s statement as follows:
“I am pleased to announce the declaration of profit after tax of N287 billion in 2020 by the NNPC. This is sequel to the completion of the statutory annual audit exercise for 2020.
“The NNPC losses were reduced from N803 billion in 2018 to N1.7 billion in 2019 and the eventual declaration of a net profit in 2020 for the first time in its 44-year history, he added to further orchestrate the yet to be officially-released; too-true-to-believe-report which is still baffling local/forensic auditors, economists, financial experts, political scientists and the entire educated population – and perhaps Minister of State, Petroleum Resources, Timipreye Silva who has his portfolio full of billions of dollars to RESUSCITATE NNPC REFINERIES?
Prior to the enactment of the PIA, the NNPC functioned as a “Corporation under the Ministry of Petroleum Resources” and enjoyed numerous waivers (mostly especially fiscal incentives), because of its status as a “revenue-generating agency of the Federal Government” – which could retain certain percentage of generated revenue as “operational costs/expenses/incentives – as decided through the whims and caprices of the management”!
With its corporation’s status, NNPC was immune from all forms of litigations – could not sue nor be sued?
MASSIVE CLAMOUR FOR UNBUNDLING NNPC!
The process of unbundling of NNPC should not have been hamstrung with any form of amendment especially by the President who knows that he has very short period left in office! Will Heaven fall if those lackeys were excluded from the Board? Who are the cabal henchmen behind the scene holding the President’s jugular? Is there more to this than meet the eye? Are there some skeletons in the cupboard of the man of integrity?
Why not shelve those errors that only have to do with “federal character and omissions” for now to allow the much-delayed PIA to hit the ground running instead of building and demolishing at the same time! He should have left the “the sleeping dog lie” and leave the arena to litigants just as the Military dumped a mumbo-jumbo 1999 Constitution on Nigeria which the politicians are still trying to UNRAVEL/AMEND” simultaneously in 21 years!
All progress on the implementation have now stalled; for without the contribution of the Committee, the NNPC Limited, could not be incorporated in SIX months of assent according to the PIA and the Committee is expected to work for at least 12 months!
The President should by now have regretted his error of commission and omission BUT it is too late for him to make any amendments!
DISSECTING MEMBERS OF THE NEW NNPC BOARD?
Who are these virtually non-existent Board Members of the NNPC Limited now struggling with the force of gravity?
Critics say that the yet-to-be-inaugurated Board headed by a Senator was more of a gathering of businessmen rather than professionals/technocrats!
What should be at stake now as far as We are concerned is the antecedent/pedigree of the team which have NOT been found to be in question yet! They should be allowed to function and monitored when the time is ripe please!
IS NIGERIA NOW BOTH THE POVERTY AND BEGGAR CAPITAL OF THE WORLD?
“If any of you lack wisdom, let him ask of God, that giveth to all men liberally, and upbraideth not; and it shall be given him. But let him ask in faith, not wavering. (James 1:5-6).
Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to: facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,
If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament of your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations.
I am, yours sincerely, Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08080243066. g-mail-dvdolufon@gmail.
