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Bisiriyu Olaoye


UGO AMADI, Assistant Business Editor

The possible sale of shares of the Nigerian Petroleum Assets Management Company (NPAMC) and the National Petroleum Company (NPC), which will be vested with certain liabilities and assets of the NNPC, as stipulated in the new Petroleum Industry Governance Bill (PIGB), may defeat the initial objective of ensuring that Nigerians are the primary beneficiaries of their oil wealth

Professor Emeka Duruigbo of Texas Southern University said this while speaking at the recent 10th Annual sub-Saharan Africa Oil & Gas Conference held in Houston, Texas, United States.

Duruigbo also raised the alarm that with the sale of the oil assets to individuals, Nigeria’s oil wealth may be overtaken by oligarchs, while the increased political power of share owners could result in political instability.

While Duruigbo acknowledged that the possible sale of shares to foreigners would increase the liquidity of the assets, it may also defeat the initial objective of ensuring that Nigerians are the primary beneficiaries of their oil wealth.

He also argued that with government still retaining majority ownership, it could leave room for weak boards, favoritism, inefficiencies and corruption.

Duruigbo, however, identified privatization, corporate finance, managerial discipline and accountability, as some of the strong points of the new reform bill.

According to him, the bill will ensure shareholder responsibility – activism to protect investment value; increase in capital transaction and individual capital formation.

He also noted that the new reform bill encouraged streamlined regulatory structure – single regulator, clarity of roles, and also eliminates administrative conflicts and overlaps.


For a better society

UGO AMADI, Assistant Business Editor

 The journey to the transformation of the Nigerian National Petroleum Corporation (NNPC) into a commercially focused and profitable business organization has taken a notch higher with the signing of a performance bond by the Chief Operating Officers (COOs) of the five Autonomous Business Units and two Directorates with the Group Managing Director, Dr. Maikanti Baru.

The performance bond, tagged: “Corporate Scorecard Key Performance Indicators (KPIs)”, constitutes the key deliverables for the Upstream, Downstream, Refineries, Gas & Power, and Ventures Autonomous Business Units and the Finance & Accounts and Corporate Services Directorates for 2017, serving as key business objectives that each of the units would pursue and is expected to achieve.

The signing of the performance bond took place at the end of a two-day Top Management Retreat and Performance Dialogue which has ended in Abuja.

Speaking on the significance of the Corporate Scorecard Key Performance Indicators (KPIs), Baru said it was the corporation’s way of setting up a system for measuring performance with a view to driving every unit and every staff of the corporation towards achieving strategic business goals.

According to the GMD, they form the benchmark against which the performance of each of the Autonomous Business Units will be evaluated at the end of the year.

“These Key Performance Indicators will be the basis for evaluating each ABU’s performance. These KPIs are expected to be cascaded down to the individual business units by the COOs and down to individual staff by the respective Managing Directors and Executive Directors of the Strategic Business Units (SBUs). At the end of the day, we are going to add up the various inputs from individual staff, up to the SBU, to arrive at the performance of each ABU by the end of the year”, Baru  said.

He said subsequently, the extent of the achievement of the KPIs by each of the Autonomous Business Units would be used to determine how much of the 13th month bonus the staff of each ABU will enjoy at the end of the year.

On the objective of the retreat, the GMD said it was organized to review the report of the committees set up to align the implementation of the 12 Business Focus Areas (BUFA) with the 20-Fixes and to review recent management policies as well as the performance of the corporation in the first quarter of 2017.

He charged members of the Top Management to brace up for challenges ahead with a view to rising above them to position the corporation for profit.


The Managing Director/Chief Executive Officer, Kaduna Electricity Distribution Company, Mr. Garba Haruna, has charged the leadership of Senior Staff Association of Electricity and Allied companies (SSAEAC) to brace-up to the expectations of the Nigerian electricity market.

A press statement by the Head, Corporate Communication, Kaduna Electric, Abdulazeez Abdullahi , stated that Haruna gave the charge when the President General, SSAEAC, Comrade  Chris Okonkwo, who paid a courtesy visit to Kaduna Electric.

He said the Managing Director lamented the huge revenue shortfall being recorded in market and called on the labor union to mobilize its members towards working to bridge the huge gap.

He disclosed the current liquidity crises bedeviling the power sector has saw the company losing about N2billion monthly due to poor collection from electricity users.

Engineer Garba also announced that in spite of the fact that Kaduna Electric is a late entrant into the market, the Company has recorded significant feat and it is competing with it contemporaries who got into the market a year earlier.

He appealed to the Federal Government to borrow a leaf from other economies who experienced privatization earlier by granting the privatized utility companies a five year incentives through subsidies, waivers, grants and soft loans.

Earlier, the President General of SSAEAC, Engr. Chris Okonkwo counselled privatized electricity companies to see the labour movement, especially the Senior Staff Association as a critical stakeholder and partner in progress.

He assured the management of Kaduna Electric of the Association’s readiness to avail it with experience, expertise and skills of SSAEAC members in order to move the company to success.

According to him, “SSAEAC has a symbiotic relationship with the Company and shall always work to ensure the success of the Company”.


In apparent celebrative mood of Lagos at 50, members of the State House of Assembly have called on the public especially the elites not to consider the legisture as “playing the second fiddle,” saying the Parliament remains the fulcrum of democracy.

This was the general comments expressed by the lawmakers during plenary on Monday. As a follow up, the House is to hold a special parliamentary session on 22nd May.

The Speaker, Mudashiru Obasa, who presided over the plenary said: “It is the first time the House would be discussing the laws that have been passed since 1979. Among the three arms of government, the legislature is so powerful, the only thing a legislative body cannot do, is to turn a man to a woman or a woman to a man. We are appealing to the elites not to see the legislature as second fiddle. We are at par with other arms of government.

The Speaker, however, cautioned his colleagues, saying we should show good conduct in the way we interact. Outside the Chamber, let’s abide with decorum wherever we find ourselves. We should continue to be selfless; we should continue to think about our people; we should continue the ADR, Alternative Disputes Resolution.”

In his contribution, Bisi Yusuff, representing Alimosho Constituency II, said the state legislature remained the best in terms of transportation and social infrastructures in the  country.

Bayo Osinowo explained that “we are celebrating because we have things to showcase. As a House, we have helped the executive to showcase performance. There is no state or governor that can perform without the support of a good legislature.

Osinowo recalled that “we took over the House since 22 years ago but we are operating in peace. Some have paid the supreme sacrifices but democracy has come to say.”

According to Tunde Braimoh, “it is a matter of great delight because of this auspicious occasion. The elementary functions of legislature have helped to shape democracy.”

Segun Olulade also recalled that since the period of the first Speaker in the State, Oladosu Osinowo at the Old Secretariat members have been responsive to the yearnings of the people.

He cited example of dreaded Ebola disease, saying with the support of the House, the deadly disease was prevented from spreading.

Oladele Adekanye pointed out that one aspect that should be celebrated is the peaceful coexistence between the legislature and the executive, saying: “It would be difficult to achieve anything without peace. Peace is the desideratum


For a better society

President Muhammadu Buhari is alive and well, his spokesperson Garba Shehu clarified on Sunday night.

In a series of tweets on his verified twitter handle, Mr. Shehu asked Nigerians to ignore rumours to the contrary.

“Baseless rumors are trending again that an unpleasant thing has happened to our beloved President, Muhammadu Buhari,” Mr. Shehu said.

“If you have received this information on WhatsApp or Facebook, disregard it bcos it is plain lies spread by vested interests to create panic.

“Nothing unpleasant has happened to the President. No cause for apprehension. Thanks for the many calls.”

President Buhari travelled to London late on May 7 for medical treatment, handing over power to his deputy, Yemi Osinbajo, as acting president.


For a better society

Reconstruction of airport road begins september – Ambode

Lagos State Governor, Mr Akinwunmi Ambode on Monday presented cheques totaling N55 million to the families of security officers who lost their lives in the Ishawo area of Ikorodu after an ambush unleashed on them by militants.

The families of four police officers that died during the operation got N10 million each, while an officer who sustained injury during the attack and still recuperating in the hospital, Sgt. Alexandra Ugadu got N5million.

Also, a cheque of N10 million was presented to the family of a military officer, Capt. A Mohammed who lost his life during the attack.

The gallant officers were killed after successfully rescuing kidnapped victims kept in the riverine area by the militants.

The police officers’ whose families benefited from the death insurance scheme of the State Government are late Insp. Godwin Iroagbalahi, Insp. Francis Pemi, Sgt. Mamuda Dembo and Sgt. Idor Ekoro.

Speaking at the presentation ceremony, Governor Ambode said the move was in appreciation of the supreme sacrifices paid by the late officers in the course of ensuring the safety of residents of the State.

The Governor, who was represented by the Secretary to the State Government, Mr Tunji Bello, said the donation was in line with the pledge to review insurance benefits to security operatives in the State.

Bello recalled that since coming on board, Governor Ambode immediately reviewed the insurance benefits for security operatives in the State with a pledge to pay N10million to any officer killed during operation, adding that the ceremony was in consonance with the earlier promise.

“This is to appreciate what the gallant officers have done; they sacrificed their lives in the course of protecting several of us and we have to appreciate them. As a matter of fact, if we don’t do this, who will? The Governor has always said that we must continue to appreciate those who paid the supreme sacrifice for our lives because they died for us.

“We must continue to appreciate them because if we don’t do this, who will be ready to pay the supreme sacrifice for our safety? The officers are sent out to protect us and when they are going, they are not even sure of coming back and having paid the supreme sacrifice, should we leave them just like that, definitely not and it is in appreciation of what they have done that we are doing this,” he said.

The Governor, while commiserating with the families of the late officers, assured that the State Government would continue to support security officers and their families in the State.

Responding on behalf of beneficiaries, the State’s Commissioner of Police, Mr. Fatai Owoseni , commended Governor Ambode and the State Government for the donations, which he described as a morale booster, saying that the gesture would go a long way in motivating officers.

He said: “On behalf of the Inspector General of Police, I stand to appreciate Lagos State Government for this morale boosting gesture that you have showed to our colleagues who, in the course of discharging their statutory duties to this nation, demonstrated bravery, gallantry and courage but unfortunately lost their lives in an encounter with criminal elements.

“The IG appreciates this kind gesture and on behalf of the respective families of the officers that lost their lives, in as much as we know that money will not bring their lives back, but you have given us that confidence that in our trial and sadness period, the State is standing solidly behind us. This will spur us to be more committed to the security of the State,” Owoseni said.

Earlier, Governor Ambode, on behalf of the Lagos State Security Trust Fund (LSSTF) presented 20 brand new operational vehicles with modern communication gadgets to the Rapid Response Squad (RRS) of the State Police Command.

Executive Secretary of LSSTF, Dr Abdulrazaq Balogun, in his remarks, said the donation of the operational vehicles was in furtherance of the commitment of the State Government to bequeath a robust security architecture to residents, just as he assured that the government would soon donate another round of vehicles to other security agencies in the State.

Nwankwo Kanu, the legendary Nigerian former skipper who was also one of the star performers in Ajax Amsterdam last European success in 1996 has predicted a tough Europa final match for his former club.

He told Sports Village Square of his excitement seeing Ajax in European final again. “It’s a great achievement for them to be in the final”, Kanu remarked.

He however predicted a hard and difficult game for Ajax. “I think they can win”.

The stake has become higher for the two finalists of the UEFA Europa League as both Manchester United and Ajax Amsterdam suffered defeats at home and missed domestic targets in their respective leagues.

While Manchester United suffered a 1-2 away loss to Tottenham Hotspur in Sunday’s Premiership match, the Eredivisie season ended in disappointment for Ajax.

The Europa Cup finalist side needed Feyenoord to slip on the final league day, but the Rotterdam based club did not slip as they easily won their match against Heracles by 3-1 and maintained a one point lead over Ajax to claim the league title.

Manchester United will need to beat Ajax in Stockholm on May 24 if they hope to enter the UEFA Champions League next season after their top-four chances were extinguished at White Hart Lane.

José Mourinho gave 19-year-old defender Axel Tuanzebe his first ever Premier League start, but Tottenham raced out of the blocks; with Victor Wanyama heading in before Harry Kane doubled the deficit just after half-time.

Although Wayne Rooney halved the lead with his fifth league goal this term, United slipped to a second defeat in north London in the space of eight days.

With Nigeria’s next fixture in the Africa Nations Championship approaching, former Golden Eaglets and Plateau United goalkeeper, Dele Ajiboye is eagerly looking forward to make the Nigerian team.

The competition, often called CHAN, which final match will hold early next year in Kenya is designed for the players in the domestic league of the various countries, even though the new CAF executive body is taking another look at the competition.

Nigeria will on August 11 be away to either Togo or Benin Republic in the second round of the qualifying series. The two Nigerian western neighbours are yet to conclude their first round fixtures.

A week later, the home-based Nigerian side will play the reversed fixture at home.  Ajiboye sees the breaking into the home-based side as a possible launch pad into the mainstream Super Eagles.

“It’s been a while I represented my country. The pride of a player is playing for father land. Although Nigeria currently has a lot of good goal keepers in the league, I am confident of my worth.

“Our national team are on their quest of redeeming past image. I will be glad to partake in such and I think the starting point should be from the forthcoming CHAN.”, said Ajiboye

The former Kwara United goalie is having a good season so far under coach, Kennedy Boboye in Plateau United. He is hoping his club would be crowned champions at the end of the season.

(L-R) Asiwaju Bola Ahmed Tinubu, ex-president Goodluck Jonathan, ex-president Ibrahim Babangida, Senate President Bukola Sarahi at the wedding reception for Halima Babangida and Auwal Lawal Abdullahi



Former military President Ibrahim Babangida, known in his heydays as Maradona, may still be onto some boyish pranks or mischief.

At the wedding reception for Babangida’s second daughter, Halima in Minna on Friday, Babangida or may be the event managers  put the former governor of Lagos State, Bola Ahmed Tinubu, and the man he played a pivotal role in ousting from office, Goodluck Jonathan, to sit side by side.

Tinubu greets Saraki, the senate President that he loves calling ‘Buki “, at the discomfort of Jonathan.

Babangida sits next to them, perhaps to be on the watch out in case of any problem.

But what we will they be discussing? What will be coursing through the minds of the two politicians? Did Tinubu ask Jonathan when he would write the story of the election he lost to Muhammadu Buhari? And so on.

Give us your own conjecture here!

Well apart from the oddity of Jonathan and Tinubu sitting together, we also found the women separated from the men.


For a better society

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