Dangote building biggest refinery in the world, it will end fuel crises

The Dangote Group, which is currently building what it calls the world’s largest refinery, has given an assurance that when the plant comes on stream, it will put an end to the recurring fuel crises in the country.

Aliko Dangote

The executive director, stakeholder management and corporate communications, Dangote Group, Mr Mansur Ahmed, said by the time the refinery was ready, Nigeria would be transformed from a fuel importing country to an exporting one.

Godwin Emefiele's Assumes Duties Of CBN Governor While Sanusi's Suit Pending In Court

Godwin Emefiele takes charged of the Central Bank of Nigeria (CBN) on Monday, June 2, as the tenure of his suspended predecessor Sanusi Lamido Sanusi expired on May 31.

Godwin Emefiele

President Goodluck Jonathan submitted Emefiele’s candidacy to the Senate for confirmation on February 20, the same day he suspended Sanusi over allegations of the 'financial recklessness and gross misconduct' of the CBN. The Senate confirmed Emefiele's appointment on March 26.

Unremitted Oil Money: Government, NNPC Illegally Spent $4.5bn On Kerosene – Senate

The ongoing forensic audit of the Nigerian National Petroleum Corporation (NNPC) "may indict many individuals", the chairman of the Senate Committee on Finance said after presenting a 73-page report on the alleged non-remittance of oil money by the NNPC.

Minister of Finance Ngozi Okonjo-Iweala (L), Suspended governor of the CBN Sanusi Lamido Sanusi (C) and President Goodluck Jonathan (R)

The Senate committee, chaired by Senator Ahmed Makarfi, concluded in a report released on May 29 that the Federal Government and the NNPC had illegally spent about $4.5bn on kerosene subsidy from the Federation Account without appropriation.
The Committee said, however, they found no evidence that the NNPC unremitted $49.8bn and described the figure as untrue.

Akpabio Signs Pension Bill Into Law

Akwa Ibom State Governor, Godswill Akpabio has signed into law the Amended Pension Bill to enable him and his deputy governor to start receiving the sum of N100 million as pension money from June 1.

*Akwa Ibom State Governor, Godswill Akpabio

Akpabio while signing the bill at Governor’s Office, Uyo, explained that the money would cover ex-deputy governors spouses as well as that of the ex-governor.
“The essence of the law is to streamline and avoid excesses of finances and to be prudent in the management of our resources. The Constitution has empowered us to make laws. So, we have today made the pension law for ex-governors and ex-deputy governors.
“This law was made in 2000. It was amended in 2006 and is now amended again in 2014. The essence of this amendment was because staff such as cooks, drivers, among others were hired by the ex-governors and ex-deputy governors with a non-financial benchmark” Akpabio said. “All staff of the ex-governors should not earn more than N5 million annually and all staff of the ex-deputy governors should not earn more than N2 million annually. No ex-governor can spend more than N100 million in a year for medical expenses and no ex- deputy governor can spend more than N50 million for medical expenses, because we are making sure that we cover all the loopholes of financial wastage. Widows of ex-governors will receive a minimum of N1 million monthly for medical expenses and N500,000 medical expenses for the widows of ex-deputy governors” he added.
According to the governor, the law which is aimed at bring sanity into state finances also encompass those who served in the old Cross River State.
Meanwhile, the bill which the governor has finally accented to has generated a lot of criticism from well meaning Nigerians and the state indigenes most of whom took to various social media platform to condemn it.