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Showing posts from July, 2021

The Tragedy of a Region

The first insight into the forensic audit on NDDC is mind-boggling, but not totally unexpected. https://www.vanguardngr.com/2021/07/nddc-abandoned-projects/ The preponderance of profligacy in this agency over the years is horrendous. With N1-Trillion Naira allocated to NDDC since June 2000 (aside the N10-Trillion allocated to the States for 13% derivation), one would have expected to have seen the transformation of the region much further. Sadly, as with many other interventions for the region over the years (e.g., OMPADEC), there is little on the ground to show for the huge sums allocated. What further saddens is that indigenes of the region hardly demand accountability from managers of these agencies and their States, and have instead adopted a “siddon-look” attitude. In addition, the near graveyard silence of the region’s elites raise question if this is a reflection of Prof Lumumba's cliche of “Yes, he is a thief, but he is ours, so leave him alone". The forensic a

Nigeria’s Petroleum Bill (PIB) - silver bullet?

The (re)passage of the Petroleum Industry Bill (PIB) at end of June 2021 has generated much buzz in Nigeria. Hopefully, this version addresses the reasons for Mr. President’s rejection of the one passed in 2018, so it gets assent this time and the country can finally bring closure to the rigmarole and loss of investor confidence of the past two decades. https://www.thecable.ng/just- in-senate-passes-pib- allocates-3-of-profits-from- oil-companies-to-host- communities https://www.premiumtimesng. com/news/top-news/281790-why- buhari-withheld-assent-to- pigb-presidential-aide.html Recognition must be given to the original founders of the PIB (Alhaji Rilwan Lukman and Committees on Petroleum Industry Law Reform and Oil & Gas Sector Reform Implementation), key players in the industry, and the 9th National Assembly for efforts over the years. The Bill’s proposed incorporation of NNPC Ltd as a limited liability company and streamlining the omnibus NNPC into two separate Upstream Commissi