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NNPC sacks GEDs, creates 4 new directorates



BARELY 24 hours after former Group Managing Director of Nigerian Na­tional Petroleum Corporation (NNPC), Mr. Joseph Dawha, was relieved of his appoint­ment by President Muham­madu Buhari, all Group Exec­utive Directors (GEDs) of the corporation have also been sacked with immediate effect.

And in order to inject new life into the corporation in line with President Buhari’s prom­ise to transform the state oil company into a world-class company, four new director­ates have been created.

The affected GEDs who were fired yesterday are Mr. Ian Udoh, Refining and Pet­rochemicals; Mr. Adebayo Ibirogba, Engineering and Technical; Dr. David Ige, Gas and Power; Dr. Attahir Yusuf, Business Development; Dr. Dan Efebo, Corporate Servic­es; Mr. Bernard Otti, Finance and Accounts and Ms. Aisah Abdurrahman, Commercial and Investments.

With this development, the number of directorates in the state-run oil firm has been cut down from eight to four in ac­cordance with President Bu­hari’s strategy to shrink gov­ernment agencies to reduce cost of governance. The new Directorates and their Group Executive Directors include Refining and Engineering, which is now headed by Dr. M. K. Baru; Exploration and Production now under Den­nis Nnamdi; Commercial and Investment to be overseen by Bankole Komolafe while Finance Department is under the supervision of Isiaka Ab­dulRazak.

All four appointees were formerly Group General Managers of the corporation. The decision to promote them was hinged on their experi­ence within the corporation.

The last set of GEDs was appointed by the Jonathan administration in March last year. This latest raft of ap­pointments demonstrates the President’s determination to crack down with the reforms needed to turn NNPC around and institute transparency and accountability in its opera­tions.

Speaking shortly after taking over from his pre­decessor on Tuesday, new NNPC GMD, Ibe Kachikwu, pledged to work assiduously in achieving the president’s growth aspiration for the oil and gas industry.

He is taking over the affairs of the troubled oil company at a time the global industry is grappling with low crude oil prices and will therefore be confronted with a plethora of problems, including dislodg­ing a deadly oil industry cabal working to frustrate reforms in the industry. His other chal­lenges inlude pipeline van­dalism, the nation’s ailing re­fineries, fuel subsidy politics and funding of Joint Venture Cash Call Operations, among others.

The new boss is expected to bring his experience on board to resolve the constant TAM, which had become a pain in the neck for Nigerians, as the corporation keeps making huge budget for TAM, with nothing to show for the huge expenditure while the refin­eries have failed to deliver petroleum products to Nige­rians.

With the announcement by NNPC that Port Harcourt and Warri refineries have success­fully restarted production after a nine-month phased rehabili­tation programme.


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Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]




Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.


In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.


The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.


The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.


“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.


“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”



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FCMB Manager Arrested For Hoarding New Naira Notes



A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.


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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage



The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.


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