News
Reps Order NNPC to Cough out N236Bn
Nigerian National Petroleum Corporation (NNPC) has been ordered to return N236 billion to the treasury of the federal government within a month.
The order was given by Adeola Olamilekan, chairman of the House of Representatives on Public Accounts, who said it was in line with the query of the auditor-general of the federation which the corporation failed to defend before the committee.
Mr. Andrew Yakubu, group managing Ddrector of the Corporation, who was billed to appear before the committee, but delegated Mr. Abdullahi Kalami, general manager, Process and Procedures of the NNPC to represent him.
The committee turned back Kalami on the ground that he was not competent to defend the corporation on such a sensitive matter and ruled that it should pay the N236 billion to the consolidated accounts of the federation within one month.
Olamilekan advised that the corporation could approach a court of competent jurisdiction once the ruling was passed to the entire House for ratification, if not satisfied.
He explained that the Committee took the decision as the last resort since the Corporation had refused to provide necessary documents or defend itself and that the PPPRA and other relevant agencies had appeared before the committee and submitted that the money was with the corporation.
Mr. Otti, executive director of Finance and Accounts made a sudden appearance at the Venue of the sitting about three hours after the ruling of the committee and claimed that he was on medication but the committee turned down his request to make his presentation and advised him to liaise with its secretariat to enable it to attend other agencies that were already hours behind.
The Central Bank of Nigeria,CBN which also appeared before the Committee on Monday clarified that the expenditure of N2.8billion which PAC had queried was used for the reconstruction of a new office complex for its Port Harcourt branch and not for the renovation of the old complex as earlier stated.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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