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NNPC Cuts Petrol Prices

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The Corporation has total investment in the natural resources sector of over $450m, and mobilized over $2bn of funding as a sponsor, adviser or lender for natural resources projects across the continent.The Economic and Financial Crimes Commission (EFCC) is looking into a petition against the former governor of Abia state Theodore Orji, allegedly looted the state’s coffers by withdrawing 500 million naira on a regular basis from the state’s treasury for eight years. Mr Orji, now a senator, has been in the sights of the EFCC for some time.
The Nigerian National Petroleum Corporation (NNPC) has announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre at all its lifting facilities and throughput operations across the country.

In a statement distributed to the news media on May 6, 2020, the NNPC’s spokesperson Dr Kennie Obateru, said that the new ex-depot price of Premium Motor Spirit is part of the NNPC’s strategy to increase sales while meeting the the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.

Obateru, who quoted the Managing Director of the Petroleum Products Marketing Company, Musa Lawan, said the NNPC settled on the new ex-depot price after an extensive review of market conditions. Lawan said that the price of Automotive Gas Oil also known diesel is determined by market forces since it has already been deregulated.

The statement reads: “On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC Retail pump prices. Thus, effective 19 March 2020, NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price was reduced from N133.28/litre to N113.28/litre.”

Some Government Aides Tested Positive For Coronavirus, Lagos Says

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Lagos state government officials say that ten people at the State House, Marina have tested positive for the COVID 19 virus.

Professor Akin Abayomi, the state’s Commissioner for Health broke the news on his Twitter account on Thursday.

“However, 10 persons associated with Lagos State House in Marina have tested positive to COVID-19”.

Abayomi asked residents of the state to take precautionary measures and obey the state’s numerous directives regarding stopping the spread of the pandemic.

“I, therefore, implore you all to continue to embrace the Mask Up Lagos initiative and observe all precautionary measures such as physical distancing, hand washing and other personal hygiene.

“All directives on easing lockdown in Lagos State remain in force. It is our collective responsibility to do all we can to stop the spread of the pandemic”.

Tunde Afolabi

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Tunde J. Afolabi, MFR is an illustrious investor and business man, with a fervent belief in the development and attainment of the African potential. He is actively engaged in the creation of opportunities for economic development, especially employment for the continent’s young population.

His interests span economic sectors including energy, oil and gas, power, real estate, manufacturing and financial services and, in addition to Eczellon Group, he sits on the board of directors and advisors of various tier one companies across the globe, notably as the Chairman of Amni International Petroleum Development Company Limited, a leading petroleum exploration and production company.

Chief Afolabi is a qualified geologist with a degree (in Geology) from Franklin & Marshall College, Pennsylvania, and a Master’s degree in the same field from Tulane University, New Orleans. He is also a Doctor of Technology from Ladoke Akintola University of Technology in Ogbomoso. His professional career spans over 40 years, with time at institutions such as Texaco Inc and Mobil.

He is a member of several professional bodies and also active supporter of non-partisan socio-political engagements across Africa.

He has also been involved in a lead role on various PPP and public sector projects including power sector privatization, federal and state road concessions, and the establishment of industrial parks. He is an expert in corporate finance, business and financial advisory.

EFCC is Investigating the Orjis, Insiders Say

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The EFCC reportedly started looking into Senator Orji’s financial activities after it received a petition from an anti-graft organisation Fight Corruption Save Nigeria Group which claimed that Orji, now a senator, looted 525 billion naira from the state’s coffers. The funds were allegeddly transferred from security funds meant for the Nigerian Police Force, the army, the Department of State Services and the navy.

The agency has reportedly traced hundred slush accounts to Chinedum. Over 145 accounts were allegedly used to coordinate the transfer of N150bn have been linked to Orji’s family.

According to the petition, the monies were N383bn revenue from federal accounts, N55bn excess crude revenue, N2.3bn Sure-P, N1.8bn ecological funds, N10.5bn loan from First Bank of Nigeria through the Ministry of Chieftaincy and Local Government Affairs, N4bn loan from Diamond Bank, N12bn Paris Club refund, N2bn agricultural loan for farmers and N55bn Abia State Oil Producing Areas Development Commission (ASOPADEC).

Based on the petition, EFCC reportedly commenced investigations and discovered that the former governor, who was a Chief of Staff to the convicted ex-governor Orji Kalu, was the Authorising Officer drawing N500m monthly purportedly as Security Vote, which was converted.

After becoming governor in 2007, he continued to draw the N500m cash monthly from June 2007 to May 2015.

The N500m, investigation revealed, was aside security funds expended on the Nigerian Police, The Nigerian Army, DSS, Navy anti-Kidnapping Squad, anti-robbery Squad, purchase of Security equipment and vehicles for the security agencies.

Investigation was extended to his family members to ascertain the link and their culpability in the alleged fraud.

The ex-governors first son, Chinedum Orji Eyinanya, who is currently Speaker of Abia State House of Assembly, is now a frequent guest at EFCC Headquarters to throw light on his involvement in the fraud. He was with operatives of the Commission last Thursday.

A look at his financial activities revealed that he had about 100 accounts in different banks, with over 80 percent of them still very active.

Chinedum Orji

Fotoworld Industry Limited, with GTBank account number 2022025805 is traced to Chinedum. The company received deposit of $20, 849, 044.21 (Twenty million eight hundred and forty-nine thousand and forty-four dollars, twenty-one cent). Same company with another account number 2022025764 in First Bank of Nigeria (FBN) received a cumulative deposit of N362, 573, 056.50 (Three hundred and sixty-two thousand, five hundred and seventy-three thousand and fifty-six naira, fifty kobo).

Fotoworld has several other accounts with FBN. The accounts and deposits are 2026144229, $84, 000 cash deposit between 2014 and 2015; between 2012 and 2015. Account number 2022025764 housed N342, 573, 056.50, while account number 2022025939 between November 2012 and July 2015 received a deposit of 1, 689, 320.89 Pounds Sterling.

The GTBank account 0039060117 of the same company housed N88, 300, 000 (Eighty-eight billion, three hundred thousand Naira) between February 2009 and July 2014.

Fotoworld Industry Limited, with GTBank account number 2022025805, also traced to Chinedum, received deposit of $20, 849, 044.21 (Twenty million eight hundred and forty-nine thousand and forty-four dollars, twenty-one cent). Same company with account number 2022025764 in First Bank of Nigeria (FBN) received a cumulative deposit of N362, 573, 056.50 (Three hundred and sixty-two thousand five hundred and seventy-three thousand and fifty-six Naira, fifty kobo).

Fotoworld also has several other accounts with FBN. The accounts and deposits are 2026144229 with $84, 000 cash deposit between 2014 and 2015; between 2012 and 2015, account number 2022025764 with the same bank housed N342, 573, 056.50; Account number 2022025939 with the same bank, between November 2012 and July 2015 received a deposit of 1, 689, 320.89 Pounds Sterling.

Exat Construction Limited, equally traced to Chinedum, is believed to have no record of any construction work in the country. Nonetheless, it received humongous deposits in Keystone Bank account. Between October 2008 and February 2015, the company account number 005374800 had deposits of N1, 188, 924, 190.41 (One billion, one hundred and eighty-eight thousand, nine hundred and twenty-four thousand one hundred and ninety Naira, forty-one kobo).

Another deposit of N636, 372, 642.85 (Six hundred and thirty-six thousand, three hundred and seventy-two million, six hundred and forty-two Naira eighty-five kobo) was paid into Exat Construction Limited, Keystone Bank account number 1001538949.

The GTBank account 0039060117 of the same company had N88, 300, 000 (Eighty-eight billion, three hundred thousand Naira) between February 2009 and July 2014.

FBN account number 2008232908 also received N599, 771, 424.25 between January 2011 and June 2016. Account number 200823298 had N731, 135, 357.04 between 2007 and 2016.

The EFCC is also allegedly investigating Fotofast Industry Limited, also owned by the Orjis. Several accounts were opened in First Bank of Nigeria by the company. The sum of N20, 861, 165.95 was deposited into FBN account number 2014629152 between 2011 and 2017 while N223, 929, 515.37 passed through another account numbered 2015559102 between 2011 and 2016.

Other lodgments into different Fotofast Industry Limited accounts with FBN are account number 2014629152 (N4, 103, 574, 603.59); account number 2015559102 (N223, 929, 515.37). Account number 2005428513 had N1, 719, 939, 006.77 between 2007 and 2015, while account number 2015559102 had N273, 941, 436.47. Between 2011 and 2015, FBN account number 2014668964 received the sum of N64, 898, 657.77.

Fotofast Industry also opened several accounts with GTBank. They include account number 0040777462, which received deposits of N425, 606, 131.71 between 2002 and 2009. Account number 0040777479 received N71, 815, 987 between 2002 and 2008. Account number 0040777486 had N23, 463, 880 between 2008 and 2010, while N158, 499, 815 was deposited in the GTBank account number 0040777493. Another N50 million was lodged in GTBank account number 0039691058.

Orji Chinedum Eyinaya’s Diamond’s (now Access Bank) personal account number 0029937780 in 2011 alone had $47, 726. 64. His personal account number 2014435973 with FBN had N117, 743, 822.01, while his account number 0023390147 with Diamond Bank had $124, 284, 624.18. His FBN account number 2005428506 had N342, 699, 356.36 between 2007 and 2017.

Other personal accounts of the Speaker are the FCMB account number 3237996011 with N384, 914, 501.50 between 2016 and 2019. Another N205, 508, 500 was into FCMB account number 3237996028 between 2016 and 2019.

Mr Chinedu Orji’s personal FBN account number 2024073408 also received $601, 716.62 between 2013 and 2015. His FBN account number 2014435973 also had N153, 943, 822.01 between 2009 and 2016. Another N153, 000, 000 was deposited in account number 2014435973. His Access bank account number 0023390147 had N178, 389, 547.25 between 2011 and 2019 and another $48, 000 in the same bank account number 0029937780 in 2010.

Cheetah Press Limited is another concern of the ex-governor’s son. The company with FBN account number 2006413367 had deposits of N1, 083, 731, 890.93 between 2007 and 2017. In Union Bank, the same company had a deposit of N430, 980, 632.18 in account number 0034400341.

Cheetah’s Standard Chartered account number 000171072 had N42, 009, 795.36 between 2011 and 2016. At GTBank, account number 0107577738 and N241, 059074. 24 were traced to Cheetah Press between 2011 and 2016, and another N966, 041, 454 between 2011 and 2016. In UBA alone, Cheetah’s account number 1015210129 had N143, 851, 800 between 2010 and 2018, while account number 1008016040 had N2, 226, 458, 581.35 between 2016 and 2020. Yet another UBA account number 1011361993 had N782, 694, 255.77 between 2007 and 2019.

Travelbeta Limited, with 3002133811 had $788, 174.22 between 2016 and 2020, while BETA.COM, yet another concern of the Orjis had $788, 174.22 between 2016 and 2020.

Actis Westmont JV Acquires Four Points Hotel Lagos

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Actis, a leading global growth markets investor has signed an agreement with the Westmont Hospitality Group to acquire the Four Points by Sheraton located on Victoria Island in Lagos, Nigeria.

Actis and Westmont intend to harness their complementary expertise to acquire hospitality assets in major cities across sub-Saharan Africa.

Actis has a long heritage of investing in Africa having committed US$4,5bn to the region over the last 15 years, and Actis is the largest Private Equity Real Estate GP in sub-Saharan Africa.

Westmont, founded in 1975, is one of the world’s largest privately held hospitality groups having owned or operated over1,100 hotels globally including hotels in Mozambique and Zambia. Westmont has invested alongside institutional partners since 1993, representing over US$9,0bn of invested capital globally.

Funke Okubadejo, Director at Actis, based in Lagos, said: “This is a very neat fit for our respective needs and ambitions in the region. Hospitality is capital intensive and requires an experienced trusted partner able to handle the operating aspects. Westmont has a fantastic reputation as an operating partner and franchisee for some of the most prestigious hotels in the world and Actis has unparalleled experience investing on the ground in Africa. We are very excited about the potential of this venture together.”The Four Points by Sheraton Lagos is well located amongst the commercial nodes of Lagos and close to the Central Business District, making it an attractive venue for international business travellers.

Ewan Cameron, director of Development (Africa) at Westmont, said “Westmont has committed to expanding its hospitality investments in Africa, and is delighted to have partnered with Actis on the acquisition of Four Points Lagos. We look forward to collaborating with Marriott to ensure Four Points Lagos fulfils its potential to be the preferred business hotel at the heart of Lagos’ Victoria Island.”