Politics
Progressives warn NNPCL against reversing Tinubu’s economic goals on local refineries
The Conference of Progressive Nigerians (CPN) has strongly condemned the Nigerian National Petroleum Company Limited’s (NNPCL) decision to suspend the naira-for-crude oil swap deal with domestic refiners.
This move, according to the CPN, is a blatant attempt to undermine the economic goals of President Bola Ahmed Tinubu’s administration and sabotage the growth of local refineries.
Speaking at a press conference in Abuja, convener Dr. Emmanuel Agabi described the NNPCL’s action as a “treacherous move” and an “unforgivable betrayal” of Nigeria’s economic sovereignty.
Agabi questioned the timing and implications of the decision, citing reports that Nigeria’s crude output has increased since the inception of the deal.
He also demanded to know who benefits from the forward contracts that the NNPCL claims justify the suspension of the naira-for-crude deal.
The CPN warned that the suspension of the deal would have far-reaching consequences, including plunging Nigeria’s forex reserves into further distress, exacerbating the precarious state of the naira, and forcing local refineries to purchase crude oil from international suppliers in dollars.
This, they argued, would lead to skyrocketing petroleum prices and inflict severe hardship on Nigerian citizens.
The group accused the NNPCL of prioritizing its selfish interests over the collective good of the nation and of acting in cahoots with external forces to destabilize the Nigerian oil and gas sector.
They demanded that the Federal Government initiate a full-scale probe into the activities of the NNPCL and hold those responsible for the suspension of the naira-for-crude deal accountable for their actions.
The CPN emphasised that Nigeria’s local refineries are competent and capable of meeting domestic demands if given the necessary support.
They urged the Federal Government to investigate allegations of corruption and collusion within the NNPCL and to take immediate action to reverse the suspension of the naira-for-crude deal.
“We therefore issue a stern warning to the leadership of the NNPCL: The days of impunity are over. The people of Nigeria are watching, and we will not hesitate to take all necessary actions to hold you accountable for your actions,” Agabi said.
“Therefore, we urge you to retrace your steps and prioritize the interests of the nation over your selfish gains. Failure to do so will undoubtedly lead to dire consequences.
“Finally, the NNPCL must understand that it is a national institution, not a private cartel. Its duty is to serve Nigeria, not to sabotage it. The time for accountability is now!
“We demand transparency, we demand justice, and we demand the immediate reinstatement of the naira-for-crude deal. Together, we can ensure that our local refineries thrive, our economy prospers, and our nation achieves the greatness it deserves. “
Rivers State Governor Sim Fubara is reportedly gearing up to re-present the 2025 budget to the Rivers State House of Assembly.
While there has been no official confirmation regarding this development, a source close to the government, speaking to Source on Wednesday morning, indicated that the governor is likely to present the budget if communications between the two parties proceed smoothly, as the budget is prepared for submission.
The budget is set to be submitted to the Assembly under the leadership of Speaker Martin Amaewhule, rather than the factional Speaker, Oko Jumbo, who initially received the budget back in January.
This situation follows a meeting between President Bola Ahmed Tinubu and Niger Delta leaders at the State House on Tuesday. During this meeting, the President urged the leadership of PANDEF (Pan Niger Delta Forum) to act as mediators and facilitate the restoration of peace among the conflicting factions within the state.
Since the Supreme Court’s ruling, Governor Fubara has consistently highlighted the significance of peace.
While commissioning key projects under his administration, he assured the citizens of Rivers State of his commitment to fully adhere to the Supreme Court’s decision. He expressed regret over the ongoing crisis that has beset the state for the past sixteen months, noting that the resources used to pursue the conflict could have been better allocated to the state’s development.
At the inauguration of the Judges’ Quarters in Rivers State on Tuesday, Governor Fubara reiterated his dedication to the state’s advancement, affirming his compliance with the Supreme Court’s ruling.
He stated, “The past 16 months have not been easy for me as Governor of Rivers State, but it is imperative that the interests of our state take precedence over personal ambitions. I want to make it abundantly clear to everyone that the Supreme Court has rendered its judgment, and my administration will implement this ruling to the fullest.
BY ABUBAKAR YUSUF
Since the assumption of duty of the Executive Secretary,Chief Executive Officer, Financial Reporting Council FRC, Dr Rabiu Onaolapo Olowo the introduction of internal mechanism to promote performance had been the core of his activities.
Coming from the huge experience of handling some sensitive part of the cosmopolitan state of Lagos , private sector exposure, it became alot easier to drive the needed change in the council without hitches.
Before then , the new Executive Secretary, Olowo has introduced an annual reward system to staffers as an encouragement for performance through dedication to duty , extra ordinary contributions to the success of the program of the council.
This activities was carried out to encourage staffers and management staff towards redirecting and reordering the agency in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
The Renewed vigour championed by the leadership of the council under Dr Rabiu Onaolapo Olowo has started yielding results with series of Improvement’s in its activities through major reorganisation that had crystalized the regulatory and monitoring programs of the Financial Reporting Council FRC in recent time.
This is in addition to staff welfare through a concerted policy thrust and framework that had emboldened hard work , dedication to duty and quality performance.
Having solidified and improved on internal mechanism of productivity in the council, the idea wholisticaly adopted by the parent Ministry of Trade and Investment, which supervises the activities of the council among other agencies under it , by engaging in the activities introduced as ‘Performance Bond ‘ capable of affecting the Ministry and it’s agencies positively was no longer difficult for the council.
With the commitment to the economic transformation under the Renewed Hope Agenda, the new Minister , Mrs Oduwole did not mince words and actions in engaging the versatile, energetic and proactive leadership under Dr Rabiu Onaolapo Olowo, the Chief Executive Officer, of Financial Reporting Council FRC.
With the promise to turn the tide in the council with the signing of ‘Performance Bond ‘, it is obvious that going forward, the new wave introduced by the new leadership in the Ministry driven by both private and public exposure will no doubt begin to yield positive results as it trickled down to the council.
No doubt the amendment of its act , among many other policy decisions to harness maximum performance introduced by the Rabiu Onaolapo Olowo led Financial Reporting Council FRC has distinct its activities.
Translating the ceremonious public endorsement and new parlance of ‘Performance Bond ‘ that will on the long run coalesced into improved revenue, improved performance, improved and introduction of new policy thrust in line with the best practices and international requirements will be the core of the leadership of the council.
Having been tested and trusted and with the renew zeal in the last 16 months of assumption of duty, the new policy thrust introduced by the Ministry to improve performance will no doubt be implemented in Financial Reporting Council FRC.
… Says she was suspended for accusing Akpabio
… Inter-Parliamentary Union to look into her allegation
Natasha Akpoti-Uduaghan, senator representing Kogi central, has reported Senate President Godswill Akpabio to the Inter-Parliamentary Union (IPU).
She spoke at the IPU meeting held at the United Nations headquarters in New York on Tuesday.
Akpoti-Uduaghan had accused Akpabio of making sexual advances towards her.
The allegation was preceded by Akpoti-Uduaghan’s outburst against Akpabio over the seating arrangement at the senate chamber.
She was suspended on March 6 over the seat reallocation altercation for six months.
At the IPU meeting, Akpoti-Uduaghan said she is seeking justice and intervention from international democratic institutions over what she terms an “unlawful suspension” from the Nigerian senate.
“I come with a heavy heart from Nigeria. But first, I will like to apologise to Hon. Kafilat Ogbara. I am not here to bring shame to our country, I am here to seek help for the women of Nigeria,” she told assembly.
“Five days ago, on the 6th of March 2025, I was suspended as a senator illegally because I submitted a petition of sexual harassment against the president of the Nigerian senate, Senator Godswill Akpabio.
“I thought by submitting the petition, he would recuse himself and both of us would submit ourselves to the committee of ethics, privileges and public petitions for a fair and transparent investigation.
“But unfortunately, I was silenced, and I was suspended for six months among many other stringent conditions, such as taking away my security, taking away all the official vehicles and other items that were handed over to me as a senator.
“My salary would be cut off. I must not appear anywhere near the national assembly. And for six months, I am not to present myself as a senator locally in Nigeria and internationally. I am here illegally, and I have no other place to go but to come here”.
She said her suspension is not just about her, but about the exclusion of women in political leadership in Nigeria.
“This is a clear case of political victimization, punishment for speaking out against impunity, corruption and gender-based violence,” she added.