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Aftermath SEC Directive: Police Invade Oando’s VI Office

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Police on Monday morning invaded Oando’s Wing Office Complex located on Ozumba Mbadiwe Avenue, Victoria Island, following the set up of an interim management team to oversee the affairs of the oil company by the Securities and Exchange Commission (SEC).

The SEC had on Sunday announced the setting up of the interim management after a directive that that the company’s Group Chief Executive Officer, Mr. Wale Tinubu, and other affected board member should resign.

According to SaharaReporters, staff of the company scampered from the office on sighting the policemen.

One of the staff members, who spoke with SaharaReporters in confidence said, “We got a message late last night about the interim management. So for the safety of staff because we are not sure of the way things will go, we did not come to the office.”

Another who spoke to Premium Times said; “We got a message late last night about the interim management. So for the safety of staff, because we are not sure of the way things will go, we did not come to the office.

“Some people still came to work this morning, but if you go to work and you see police everywhere, you are most likely to turn back. Fear will make you turn back and go home. So, that has been the situation.”

Speaking on the interim management, a statement by SEC: “Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team headed by Mr Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc, and conduct an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors to the board of the company, who would subsequently select a management team for Oando Plc.”

BUSINESS

ALERT: Panic buying in Lagos as fear of petrol pump price hike grips residents

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Lagosians this morning embarked on panic fuel buying as petrol stations across the metropolis become crowded with vehicles and people who want to buy the product in jerrycans.

This may not be unconnected with the Tuesday’s announcement by the the downstream subsidiary of the Nigerian National Petroleum Corporation, NNPC, the Petroleum Products Marketing Company, PPMC, which fixed the ex-depot price of Premium Motor Spirit, PMS, also known as petrol, at N138.62 per litre

When asked why the panic buying, some motorists who spoke with GidiNews blamed on it on the inconsistency of the government over the fixing of petroleum pump price in recent time.

“We are not sure what could come up next and so, one has to prepare well for every eventuality that may occur. I am a businessman and I cannot afford to look on, while my investments are always affected by unpredictable government policies. I need to fill my tank, at least for the rest of the week and that is why I am here” A motorist told our correspondent in Ogba Ikeja.

A filling station along College Road, Ogba

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“We really don’t know how much petrol is consumed in Nigeria, daily” -NNPC

Agency says around 54 million litres of petroleum product are evacuated from the depot daily

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The agency responsible for petroleum matters in the country, the Nigerian National Petroleum Corporation (NNPC) said it does not have data about the volume of petroleum consumed in Nigeria,daily.

NNPC’s Group Managing Director, Mele Kyari dropped the shocker at an interactive hearing on “Exiting Petroleum Subsidy: Ensuring Self – Sufficiency in Domestic Refining of Petroleum Products”.

Mr. Kyari however said the agency has records of quantity being lifted from depots across the nation, adding that the price of fuel at the borders is higher than the official rate..

He said, “We don’t know how much petroleum we consume daily in this country but we know how much of the product that is taken out of our depot.

“This year, around 54 million litres of petroleum product are evacuated from the depot daily but the consumption is somewhere below that.

“NNPC has no knowledge of the amount of the product that are transported through Nigeria’s borders to neighbouring countries. It is impossible to know, nobody declares it, and therefore as it crosses, it goes.” He said

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Lagos Assembly goes tough on illegal dredgers, extends committee tenure

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By Joshua Timi

Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr.) Mudashiru Obasa, has approved two extra weeks to the 7-Man Ad Hoc Committee on dredging to allow it investigate deeply into the dredging activities in the State.

While disclosing to the House the reckless activities of the dredgers, Hon. Victor Akande, Chairman, 7-Man Ad Hoc Committee on dredging divulged that a lot of fraudulent conducts has been on-going.

“Many of these dredging companies do not pay revenues into the coffers of the state government and they go beyond the areas approved for their dredging activities even when they pay. This matter needs serious attention and the Committee would need two more weeks for adequate inspection into their conducts.” He said.

Hon. Rasheed Makinde said that the matter in question borders on human and environmental rights and despite the efforts of the state government to ensure that the waterfront and shores of the state are protected; the dredging companies are destroying aquatic, ecosystem and environmental system without any form of social benefit to the State.

In his contribution, Hon. Rotimi Olowo noted that as the Chairman, House Committee on Finance, it is pertinent to ensure that the revenue of the state is augmented by making sure the dredging companies pay their dues as at when due.

He also added that the Ad hoc Committee should be supported with security operatives when going on inspection visit to the dredging sites of the state.

Lending his voice to his colleagues’ submissions, Hon. Desmond Elliot, a member of the Committee noted that most of the channels have been blocked due to the irregular channelization of the areas.

Consequently, the Speaker directed the Clerk of the House to write a letter to the Lagos State Commissioner of Police to give support to the Committee during their inspection of the dredging sites.

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