Tag Archives: Deals

Funke Akindele signs endorsement deal with fashion outfit

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The contemporary Afro-European label, Ayo Van Elmar has unveiled celebrated Nigerian actress Funke Akindele as their new face.

Speaking about the brand Funke Akindele said, “I am delighted to be the face of Ayo Van Elmar, an aspiring global fashion brand with international standard. It’s great relief for me in particular knowing that I can patronize our made in Nigeria fashion pieces and still look classy’’.

Highlighting the rationale behind the arrangement, Ayo Elizabeth Olaogun, the Creative Director of Ayo Van Elmar said that Mrs.Akindele-Bello is an exciting muse and a source of inspiration, that she embodies the strength of the African woman and resounds the aesthetics of Ayo Van Elmar.

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Ex-NNPC Boss Sneaks Out Over $1.6b Diezani’s Deals

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The Economic and Financial Crimes Commission (EFCC) is looking for the former Nigerian National Petroleum Corporation (NNPC) Group Managing Director (GMD) linked to an alleged $1.6 billion money laundering and oil deals involving former Petroleum Resources Minister Mrs Diezani Alison-Madueke.

He is believed to have sneaked out of the country since he could not be located in all his Nigerian addresses.

Also, 50 workers of the corporation are undergoing internal probe for an alleged N15billion retail outlets fraud.

NNPC management has sought legal advice on whether to hand them over to the EFCC.

It was learnt that the EFCC has sought NNPC’s help in locating the former GMD for interaction on some aspects of the ongoing probe of Mrs Alison-Madueke.

But, in its response to EFCC’s letter, NNPC said it could not locate its former helmsman.

It was learnt that the former GMD might have gone abroad to rest.

A top source, who spoke in confidence, said: “The former GMD is needed to assist the EFCC in respect of some transactions relating to the tenure of the ex-Minister of Petroleum Resources.

“The NNPC has not been able to locate its former boss who might have gone abroad. His address overseas was yet to be located.

“We are hopeful that the ex-GMD will be honourable enough to make himself available for interaction with our team of investigators.

“Alternatively, we will look for him wherever he is.”

Apart from alleged money laundering of about $1.6billion with some businessmen, the ex-Minister is under probe also for a $115million poll bribery scam and for allegedly owning a property in Abuja worth $18 million.

The National Crime Agency (NCA) in the United Kingdom on October 2, 2015 quizzed Mrs. Alison-Madueke in London for alleged bribery and corruption.

Apart from restricting her movement to London (a Westminster Magistrate’s Court) on Marylebone Road approved the seizure of $41,000 (£27,000) cash from her.

Although she might face trial in the UK, no date has been fixed for her arraignment.

Among the 50 Retail Services Unit officials facing internal investigation are in the unit who have been recalled by NNPC. The others are two hitherto sacked workers and 46 others.

It was learnt that preliminary findings have established that all the 50 workers have a case to answer on the diverted N15billion.

But the management of NNPC is yet to decide on whether to hand them over to the EFCC or subject the fraud to internal disciplinary measures.

It was gathered that a Group General Manager (GGM) has recommended that all those involved should be taken to EFCC for a thorough investigation.

As at press time, the NNPC management was seeking legal advice on how to resolve the case.

A reliable source said: “The N15billion fraud was committed in NNPC retail outlets nationwide and about 50 staff have been implicated so far.

“Going by the NNPC Act, we have to exhaust internal mechanism of investigating the N15billion fraud before inviting EFCC or any anti-graft agency.

“Since we have our checks and audit control unit, we must have gone far in our auditing process in order to be able to hand over our findings to EFCC. All those involved are presently going through internal investigative procedures. We have even recalled two former Managing Directors of the Retail Services Unit who have retired.

“We are also seeking legal advice on how to manage the detection of the N15billion fraud.”

Credit: Nation

EFCC Quizzes Jonathan’s Ally Over Alleged Multibillion Dollar Deals

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Operatives of the Economic and Financial Crimes Commission on Tuesday evening questioned Jide Omokore, an ally of former president, Goodluck Jonathan, and Chairman of Atlantic Energy Drilling Concepts Nigeria Limited.

It gathered the arrest was in connection with a series of multi-billion dollar petrol import and crude export deals.

Multiple security sources said that Mr Omokore, who was  later released on Wednesday evening, made revealing statements.

Operatives said he was expected to return with some required documents.

Atlantic Energy Limited was one of the companies that allegedly received multibillion dollar worth of public assets without due process by the Jonathan administration in 2011.

The company, which was created less than a year earlier and had not produced a droplet of oil, was awarded controlling stakes in two lucrative oil blocks – OML 30 and 34 – for just over $50 million each.

The deal, which was signed by the immediate past minister of petroleum, Diezani Alison-Madueke, gave Atlantic Energy Limited a controlling 55 percent stake in the oil block.

Credit: PremiumTimes

Buhari Terminates NNPC Crude Swap Deals

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President Muhammadu Buhari yesterday stepped up the ongoing reforms in the oil industry with the cancellation of offshore processing and crude swap deals for refined products between Nigeria and oil merchants.

The decision was disclosed yesterday in Abuja by the President’s spokesman, Mr. Femi Adesina. The deals, initiated in January by Buhari’s predecessor, Dr. Goodluck Jonathan, were designed to supply gasoline for crude as the country depends on imports for the bulk of its domestic consumption.

In an effort to end the endemic shortage of gasoline in Nigerian filling stations, the last administration allocated 210,000 barrels per day of crude to swap for products in 2015.

NNPC said President Buhari cancelled contracts for roughly half of the 445,000 barrels per day of crude earmarked for Nigeria’s refineries, the amount refiners’ use in the products swaps deals.

“Mr. President has approved the cancellation of the oil swap contracts. He has publicly expressed his displeasure over this oil swap deal.

“The government may not have completely dumped the idea of swaps but the aim is to re-evaluate the whole contracts terminated to extract some favourable terms,” he said.

Read More: nigerianpilot