BY HOOK AND CROOK THE NEW NNPCL SEEMS TO BE THE LEGACY BUHARI WILL LEAVE BEHIND!

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. 11.NO 470.  14th August, 2022.} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

BY HOOK AND CROOK THE NEW NNPCL SEEMS TO BE THE LEGACY BUHARI WILL LEAVE BEHIND!

Less than five months of signing the Petroleum Industry Bill (PIB) into an Act, President Major General Muhammadu Buhari on 5th January 2022, appointed the Board and Management of the Nigerian National Petroleum Company Limited in accordance with the power vested in him under Section 59 (2) of the Petroleum Industry Act 2021, without following due process because such exercise could only be legal and effective after 12 months from 16th August 2021, when he appended his assent to the Bill. 

BUT THE PRESIDENT HAS PUT THE CART BEFORE THE HORSE. In September 2021, the retired military General directed the incorporation of the Nigerian National Petroleum Corporation (NNPC), into a Limited Liability Company in accordance with the relevant provisions of the Constitution and Section 53 (5) of the PIA 2021 in consultation with the Minister of Finance Budget and Planning to ensure that the nominal shares of the company held by government were not transferable nor mortgaged unless approved by the government and the National Economic Council (NEC), within six months of the commencement of the Act. 

And whereas the PIA Seven-man Implementation Committee that should work for 12 months before the incorporation had not even sat for one day!

ACCORDING to the Petroleum Industry Act (PIA), 2021, it should 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 Company Limited and within another period of 6 months (totaling 18 months), for the new outfit to hit the ground running according to the new Act!

From Our own calculation 16th August 2021 to 9th August 2022, (when he inaugurated the new Board), is hardly one calendar year! Government sources have confirmed that the new NNPC was incorporated into a limited liability company in September 2021 by the Corporate Affairs Commission (CAC), just one month after Presidential assent contrary to the letters of the PIA!

Section 59 (2) of the PIA is emphatic that the President would 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.

And whereas the President returned the Act to the Senate in September 2021 for some amendments! 

THE FOLLOWING ARE FOUR URGENT REQUESTS FOR AMENDMENTS  MADE BY PRESIDENT BUHARI IN A LETTER  FORWARDED TO THE SENATE ON 16TH SEPTEMBER 2021, IN HIS CAPACITY AS THE SUBSTANTIVE MINISTER FOR PETROLEUM RESOURCES.

On the 16th September, 2021, one month after his assent to the PIA, President Buhari returned the document which has suffered implementation delays under THREE Peoples Democratic Party (PDP), Administrations to the Senate “FOR FOUR URGENT AMENDMENTS”

The need to appoint FOUR more non-executive members to increase the Board's composition from 9 to 13 as provided for by the Act to reflect balanced geo-political representation and also the need that Sections 11(2)(b) and 34(2)(b), which provide for Administrative Structure of the PIA 2021 be amended.

Deletion of Sections (11)(f), 11(2)(g), 34(2)(f) and 34(2)(g) from the PIA.

 Removal of 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.

All of the above requests clearly portrayed ineptitude of the Buhari administration which is fully aware that the NNPC had been the most corrupt institution in the annals of the history of this nation because of its cash-cow status.

Crude oil has accounted for over 70% of government's budgetary revenues, has provided 95% of foreign exchange earnings, has played pivotal role in the country's oil and gas exports, garnered about 83% of the Federal Government revenue and also generated more than 14% of Nigeria's Gross Domestic Product (GDP), over the years from 1999-2015. 

However the transition of this most-disreputable institution to a limited liability company has nose-dived because of arbitrary and illegal inauguration of Board members without following due process. The Chief Executive displayed his usual artistry as master of institutional impunity because the Senate Joint Committee on Petroleum Industry’s PUBLIC HEARING did not sit to consider the loopholes mentioned in the President’s letter before the investiture of Board members on 5th January, 2022, and members of HOST COMMUNITIES have petitioned the Senate to do the needful by effecting necessary modifications in the PIA!  

WHAT WILL THE “NEW NNPCL” DO DIFFERENTLY FOLLOWING INHERITANCE OF A MAL-ADMINISTERED ECONOMIC STRUCTURE SADDLED WITH 23 SUBSIDIARIES?

***We are told that the new company will neither collect subsidy nor determine petroleum pump price any longer!

We have never change our position that the whole gamut of Petroleum Subsidy was nothing short of a monumental fraud against the Nigerian masses and

 We still maintain our stand for the following salient reasons:

-An oil producing country like Nigeria with FOUR acclaimed REFINERIES has no business in importing finished products like, petrol (PMS), kerosene, diesel etc, if righteous leaders were in government!

-But it has been discovered that the said refineries were just dummies and were used as conduit pipes to siphon foreign exchange by the CABAL in every administration since 1999 to date.

-President Buhari who had been in the OIL AND GAS SECTOR since his military days admitted when he visited the United States in July 2015 that SUBSIDY WAS A MONUMENTAL FRAUD! 

This was after he became the Head of the Nigerian Government in his first term in office. He specifically accused former Nigerian ministers of selling about 1 million barrels of crude oil per day and of diverting the gains to personal accounts. He also said in the United States that 250,000 barrels per day of Nigerian crude oil were regularly stolen and “people sell and put the money into individual pockets” adding that the United States and other developed countries were assisting Nigeria to trace such accounts. He also said he would ask that such accounts be frozen and would prosecute the persons involved! 

The Buhari Administration has not successfully prosecuted crude oil robbers till date! He also said that as Minister of petroleum he knew that NNPC had only two traceable accounts of payment to the Central Bank of Nigeria (CBN), but that everybody behaved anyhow in respect of the funds which accrued to the oil sector. He expressed doubt if ever fuel subsidy was ever removed and if transport housing and food prices would not go out of control and the average worker  suffer untold hardship! He asked a rhetoric question: “Who is subsidizing who? They say; remove subsidy, do they want petrol to cost 500 Naira per litre? If you are working and subsidy is removed you can’t control transport and market women, the cost of food and the cost of transport.”

BUT UNDER BUHARI'S WATCH TODAY THE CORRUPTION WHICH HE PROMISED TO ERADICATE HAS GONE HAYWIRE THAT BETWEEN JANUARY 2021 AND FEBRUARY 2022 A TOTAL OF 91% OF CRUDE OIL WAS STOLEN FROM NIGERIA, ACCORDING TO NEW MEDIA REPORTS. 

IN THE FIRST QUARTER - JANUARY TO MARCH 2022 STATISTICS PRESENTED AT A MEETING IN ABUJA BETWEEN THE NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION (NUPRC), OIL PRODUCERS TRADE SECTION AND THE INDEPENDENT PETROLEUM PRODUCERS GROUP (IPPG), REVEALED THAT UNITED STATES DOLLARS $3.2 BILLION, THE EQUIVALENT OF NIGERIAN NAIRA NGN 1.36 TRILLION WORTH OF CRUDE OIL WAS STOLEN FROM NIGERIA BETWEEN JANUARY 2021 AND FEBRUARY 2022!

However this new NNPCL will be totally independent and insulated of government interferences and will no longer remit into the Federal Account Allocation Committee (FAAC), any of its oil accruals which invariably means that there will be no more cap-in-hand begging from the Federal Government by State Governors any longer!

This new NNPCL will also inherit FOUR moribund refineries which Nigerians 

were always deceived to be under refurbishing from the military and to the civilian government in about 40 years!

From henceforth they will consume their LIES like the Minister of State for Petroleum Timipre Sylva who told Nigerians that a whopping United States USD$ 1.5 billion was being spent to refurbish Warri Refinery!

 From now on, all LIES of the state actors of the All Progressives Congress (APC) will be exposed and Nigerians will know whether Buhari actually had good intentions or hidden agenda for the TALAKAWAS or not!

IF NNPCL IS BUHARI’S LEGACY, IT IS DEAD ON ARRIVAL!

“You can deceive some people for some time but you cannot deceive all the people all the time”! This is Word of Wisdom for Muhammadu Buhari and his cohorts to ponder about within the remaining SIX MONTHS they have left to quit ASO ROCK for a UNICAMERAL PARLIAMENTARY GOVERNMENT HEADED BY A PRIME MINISTER TAKE OVER!

[WATCH OUT FOR A NIGERIAN PRIME MINISTER – NOT A PRESIDENT IN 2023!]

 

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:  Zion faith Bible Believing church 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.