₦airaland Forum

Manonamission:
I believe you meant Wale Tinubu will walk. Don't put your money on it. SEC has already reached a conclusion of their own with damning evidences against the management. They are only enlisting the help of a professional audit firm to confirm if so or not. There will be casualties.

"SEC explained that it had carried out a comprehensive review of the petitions from Mangal and Ansbury and found a breach of the provisions of the Investments & Securities Act (ISA) 2007; breach of the SEC Code of Corporate Governance for Public Companies; suspected insider dealing; suspected related party transactions not conducted at arm’s length; and discrepancies in the shareholding structure of Oando Plc, among others.
SEC said these findings were weighty and needed further investigation."

Wow.

Toluway:
I get your point. You're not serious though.
However, let me add that you use the fundamentals to choose your stock and use "technical" to get in at the right time. Even a common price action or moving average, can tell you this.
But since, according to you, stock trading has gone spiritual, I will explore the area of casting stock spells; invoking the power of the stars and the heavenly bodies, to put gtb at #- . (make I no offend some people)
The truth is that you can enter gtb at current price and ride with it to #100, instead of wishing it to get back to #25. �

Lol, I will prefer a Zenith bank getting to #30, than GTB going to #100.

Just look at StanbicIBTC, what is the serious Fundamental( apart from Foriegn investors) behind the movement.

dipoolowoo:
More Trouble as Johannesburg Stock Exchange Suspends Oando Shares
https://www.businesspost.ng/2017/10/19/johannesburg-stock-exchange-suspends-oando-shares/

Double wahala.......

Toluway:
That's your view. I express mine, you express yours, no problem.
Guess you know the difference between lagging indicator and predicting indicator. Thank you.

Oga, cool down, no be fight.

We have talked about TAs and Fundamentals on this thread a lot.
And we have seen Stocks with good of both(TAs and Fundamentals) lagging behind, while Stocks with bad of both keep making new highs.

In addition to TAs and Fundamentals, Spiritual and MMs forecasting is needed.

Toluway:
All technical indicators are lagging indicators my brother. We Don do all these tire, in forex trading.

What you really need are Fundamental Indicators. More so in stock trading.

You really don't know much about NSE.

Wow

It is finished.

DeRuggedProf:

Oando has been playing mind games on investors for long.

So it's good news to me.

Intendy:
Notification of Suspension of Trading in the Shares of Oando Plc Dealing Members are hereby notified that the Securities and Exchange Commission has directed The Nigerian Stock Exchange to suspend trading in the shares of Oando Plc as follows: 1. Effective for forty-eight (48) hours from today, 18 October 2017 to 20 October 2017, The Exchange should implement a full suspension in the trading of the shares of Oando Plc; and 2. Effective from 20 October 2017 and until further directive, The Exchange should implement a technical suspension in the shares of Oando Plc. A full suspension is the halt of trading activities in a listed security for a period. A technical suspension is the interruption of price movement in a listed security for a period so that any dealings in the securities which occur during the period of the suspension will not result in any change in price, which change may have occurred had the suspension not been implemented. In the 48 hour period commencing today, there will be no trading in the shares of Oando Plc. Thereafter, effective 20 October 2017, investors will be able to trade in Oando Plc shares but such trading will not result in any movement in the price of the shares. The above is for your information and records update please.

Nice

Osun.

valentinenwoko:
I don't understand you

Pension funds will now be invested in the stock exchange, REIT etc

Brethren.

Just got a text from StanbicIBTC pensions.

Pension funds is about to hit the money and stock Market.


https://www.stanbicibtcpension.com/PensionManagers/contact-us/Frequently-Asked-Questions

The National Pension Commission (“PenCom”) recently published/released the Amended Regulation on Investment of Pension Fund Assets for the Pension Industry. The new investment guideline introduces a multi-fund structure, which would replace the “one size fits all” structure that puts all active contributors into one Retirement Savings Account (“RSA”) Fund without consideration for age or risk profile of such contributors.

What is the multi-fund structure?

The Multi-Fund structure is a framework that aims to align the age and risk profile of RSA holders by dividing the RSA Fund into four distinct Funds. The current RSA Fund will be sub-divided into three separate Funds, while the RSA Retirees Fund would be the 4th Fund.
What is the difference between the 4 Funds?
The respective funds differ based on their overall exposure to variable income instruments such as equities (that is, Ordinary Shares) and the age profile of the members....

PZ dividend just entered.

It's better they follow this page

https://www.nairaland.com/1131485/nigerian-stock-exchange-market-pick

Intendy:
stocks with new 52 weeks highs

fidelity bank #1.47k

Apr #3.71k

gsk #22.05k

nascon #13.85k

zenith #26.30k

Ibtc #33.00k

gtb #42.10k

no new 52 weeks lows

Realy

HopeAtHand:
Oyo, Ogun and Osun are where they ought to be. Lagos (being the highest beneficiary of our skewed federal system) ought to be further down and Ondo higher up. This is the reality if Nigeria practices true fiscal federalism.

Ogun, Osun and Oyo with all their loans should be better.

I am disappointed in Ogun and Osun states.

@OP

After Sukuk (loan) for road project, they are getting another loan for road projects.

Something is wrong with the government.

Nigeria is just a lawless country.

The National Broadcasting Commission (NBC) has announced that it would fine broadcast stations a sum of N500,000 for any perceived hate speech expressed by callers during phone-in programs.

The new rule, which will take effect on October 1, 2017, was communicated to media houses on August 10 during a meeting held at the commission’s zonal office at Tafawa Balewa Square, Lagos.

At the meeting, the zonal director of NBC, Matthew Okoduwa, expressed profound worry for the comments some Nigerians make during phone-in segments of live programs. He blamed presenters and show anchors for giving people the opportunity to air hateful statements on live shows.

Mr. Okoduwa said that he understood that many Nigerians are angry and frustrated about the state of the nation, but emphasized that hate speech is not the way to express such frustration. He warned that the country is very volatile, hence media houses need to control the kind of comments Nigerians are allowed to make on television and radio broadcasts.

The director also limited newspaper reviews to once a day, urging viewers and listeners to contribute such reviews on social media rather than on television or radio programs.

“Newspaper reviews can only be broadcast once a day in a station. Anything more than that would amount to a breach of the new rule,” the director explained.

Mr. Okoduwa mandated that broadcast stations use screeners to censor calls before they go live on programs. He also said programs can only have five call-in shows per day.

The commission also mandated that henceforth, the cost of phone calls must be borne by the station and not individuals calling in.

Speaking on the discussion of judicial cases, Mr. Okoduwa said media houses cannot hold a discussion about ongoing court cases, stating that filed suits can only be discussed at the early stage and at the final stage after judgment has been given.

Some media houses have raised concerns over this new set of rules issued by the NBC.

One concern is that the new rules compromise free speech, as it could deny Nigerians the opportunity to voice their opinions on important political and social issues.

Others have lamented that the new rules will impose new expenses on radio and television stations, as they will now have to bear the cost of phone calls and purchase screening machines.

“I believe that this will restrict the free speech of Nigerians,” a media practitioner who requested anonymity told our correspondent.

“Putting the cost of calls solely on the shoulder of stations will likely mean most stations will only have one or two toll-free lines, which reduces the ways in which Nigerians can voice their opinions. The costs of toll-free lines and call screening machines may prove high for some stations, making them choose between giving Nigerians access to voicing their opinions and their expense sheet.”

The new regulations came less than a week after a hateful song inciting violence against Igbos was circulated in northern Nigeria.

http://saharareporters.com/2017/08/17/national-broadcasting-commission-moves-censor-phone-programs

Ovamboland:
Stop spreading false information, I still listened to paper review and call in comments on 91.7fm in Lagos this morning.

Mynd44

Most media houses has stopped receiving calls.

KngGezy:
Davido has automatically proved his innocence.If there is any question about his presence at the stated clubs or venues.Police should then release counter footages.Davido has proved his innocence through the 3part footages he shared on Instagram.And the official release of his own side of the story

I am sure you are the Judge in charge of the Case.

Infact all corrupted politicians can prove thier innocence by telling thier Lawyers to release a statement.

Sanchez01:
In all honesty, you clearly lack sense. So accommodating Nigerians translate or warrant that you fell them like logs when you feel like?

You have no reason being a Nigerian because the average Nigerian is neither given to fiefdom nor servitude. Apparently, you have been sold over a plate of porridge.

My joy is that the South African government has kept mum over this issue as the death toll climbs weekly. A time would come when South African companies in Nigeria would either be brought to their knees through violence or force.

The South African people and her government does not deserve a single regard from Nigeria and Nigerians.

Duh, like your Nigerian government treat you better.

Those guys attacking the South- African Policemen will be arrested and deported back to Nigeria.

Can they even try that with Nigerian Policemen?

NDLEA should be invited to join the investigation.

jdluv:
one thing about women holdin powerful post in yoruba land is that immediately you are in power say goodbye to fertility. Some even sacrifice the children they already have..... All because of power.on a lighter note[b],The governor should crown these ones too[/b]

The Governor ke.

Bellfun:
Thanks op...

I've learnt a lot....wow!

Welcome

The Eight Most Powerful Women Inside The Aláàfin Of Ọyọ’s Palace That You Never Heard Of, They Are The Real Powers Behind The Throne And Are So Powerful The King Calls One Of Them BABA
BY · OCTOBER 12, 2017

The Aláàfin Of Ọyọ, His Majesty, Kabiyesi Alaiyeluwa Ọba Dr. Làmídì Ọláyíwọlá Atanda Adéyẹmí III sits on a throne that is older than that of the British monarch. Among the Yorubas, women occupy a very respected position and they are involved at every level of administration in the society. The outstanding civilization of the Yorubas over time is seen in the royal court of the Oyo Empire.

In Yorubaland, a woman can aspire to the highest position in anything she desires and this has been the practice for thousands of years. The role of the female in the traditional Yoruba society is so deeply embedded that no major policy can be implemented or decision made without involving the women.

Women in Yorubaland are so incredibly influential that they control the economy by holding an unshakeable sway over the markets, social events and commercial activities. This is very obvious in the emergence of roles such as those of the Iyalaje, Iyalode and Iyaloja. Even in the occult, the women are still at the very top of the pyramid, the powerful Ogboni cult cannot make any decision without the Palace Mother giving the final go-ahead.

Please note that the Egbe Iyami Oshoronga (or the Great Mothers of the Occult, not witches in the traditional European or Caucasian sense of it) are considered to be the Mothers of the Ogbonis and also use the same symbolic gestures and handshakes when greeting or saluting each other. In fact, the Edan Ogboni takes its name directly from Egbe Iyami Oshoronga. Ogboni members are also known as Awon Omo Iya and the breast milk of the Mother (Earth) takes a very central place among the Ogbonis. The breast milk is symbolized in the greetings of the Ogbonis and when they greet they chant three times:

Omu iya dun mu, gbogbo wa lan jo mu (Mother’s milk is sweet to drink, we all drink it).

Make no mistake, women are behind the secrets of the Ogbonis. And when I say women, I mean the Ajes, Awon Iyami Oshoronga, Iya Mapo, Iya Nla, Edan (aka Iya Aye) and other prominent female members of the awo (occult). These names do not really connote negativity but rather mystery, unusualness or the remarkable nature of their prowess of the centuries-old traditions of the Yorubas. Women are believed by the Ogbonis to be more secretive or reserved than the men so mothers are deeply respected by the Ogbonis as the vessels carrying the most important secrets of existence and the occult.

These explanations have been given as introduction to allow the reader appreciate the role of women in Yorubaland as against the subjugation of the female gender as promoted by the foreign faiths of Islam (which insists a woman must be hidden, cloaked and veiled) and Christianity (which says a woman cannot even talk inside the church). This is not the case in Yorubaland and even the foreign faiths have been influenced by traditional Yoruba practices. So, who are the eight powerful women inside the aafin (palace) of the Alaafin of Oyo that people have not heard of? These women are collectively and casually referred to as the ‘King’s wives’ but they should not be confused with the Ayabas (Oloris) who are the queens and wives of the monarch. Here we go:

IYAMODE
Iyamode is the only person in the world the Aláàfin is permitted to kneel before. He kneels before no one else except Iyamode. Other people kneel before the Aláàfin. Iyamode occupies a role so deeply respected that the king calls her ‘Baba’ (father). Whenever the Aláàfin goes on his knees before this influential woman, she returns the salutation by also going on her knees but she never reclines on her elbow while doing so as this is the custom of women in saluting their superiors. Iyamode is one of the most senior eight priestesses inside the Aláàfin’s royal household.

Other priestesses within the palace include Iya’le Oduduwa (Priestess of Oduduwa) Ode (head of all the worshippers of the god Ososi, she dresses as a hunter, hence her name, on state occasions adorned with a bow ornamented with strings of cowries neatly strung on her shoulder), Obagunte (she represents the Aláàfin in the Ogboni confraternity and enters the Ogboni chamber on all occasions acting in the name of the Aláàfin), Eni Oja (she is the head of all the Eshu worshippers in the town, she is in charge of the King’s market and wears a gown like a man, the King leans on her arms the day he goes to worship the god of the markets, the Olosi is under the Eni Oja, same with the Aroja or the Market Keeper ), Iya’le Agbo (she is a private attendant to the Aláàfin and is in charge of his private pharmacy preparing all the agunmu (powders) and agbo (infusions) for the king) and Iya Otun.

Iyamode and Iya Oba are always clean shaven while others plait their hair in small strips from the forehead to the top of the head and gather the rest from the back to the top, tying all the hair clump into one knot with a string in a style known as the Ikokoro. As for the Ode, Eni Oja, Iyafin-Iku, Iya Olosun and the Iya’le Oduduwa adorn theirs with red feathers of the parrot’s tail.

It is interesting to know that the ancestor of the Yorubas, Oduduwa, had one son, Okanbi, with his principal wife named Omonide or Iyamode. Iyamode embodies the spirits of the Aláàfin’s fathers. Yoruba beliefs have it that fathers can be reincarnated in the anafemale child, and that explains precisely why the Aláàfin calls Iyamode ‘father’. Iyamode resides in one of the outhouses of the palace.

Her duties are not specially in the palace and she is the superior of the celibates living in the Bara (the royal mausoleum)¸ and that is another reason she is styled ‘Baba’. The role of the Iyamode entails worshipping the spirits of the departed Kings and calling out their Egunguns (masquerades) in a room in her apartments specially set aside for that purpose. This room is screened off from view with a white cloth.

Please note that Iyamode does not just oversee the worship of the ruler’s ancestors, she is those ancestors. Iyamode is described as the quintessential Aje and the only one who can house, embody and be the father and all ancestors of the king, all in one body at the same time.

The Aláàfin looks up Iyamode as his father and he addresses him as such, being the worshipper of the spirits of his ancestors. As stated above, the King kneels for no one else but Iyamode and prostrates before the god Sango and before those possessed with the deity, calling them ‘father’. These include those set apart for life-long service at the Bara. Anytime one of them is possessed by the spirit of deceased monarchs (it is said of one of them ‘Oba wa si ara won’) and bursts out of the Bara to the palace with violent energy, she is immediately placed under the control of the Iyamode. On such dramatic occasions, the possessed tells the people message received from the gods such as the sacrifice they have to offer to ward off impending evils.

To conduct this ceremony, some water is poured into a mortar and it is covered by a wide calabash while other women in the palace beat this with all their energy as a drum with the possessed and others dancing to the frenzied beats of the drumming. Note that once a woman becomes Iyamode, she becomes celibate and stays away from sex for life. Iyamode also heads the convent of queens (Ayabas) who have become widows following the death of their husbands (kings). These widows live close to the Bara and live secluded and chaste lives.

IYANASO (Iya Naso):
The Aláàfin is worshipped as the living reincarnation of the Yoruba god of thunder, lightning and energy (Sango). Inside the palace, the Aláàfin has a private chapel for the worship of Sango which is inside Iya Naso’s apartment and the person in charge of this spiritual room is the Iya Naso herself. She has to do with Sango worship generally and she is the one responsible for everything linked to it. All the emoluments and perquisites arising from this practice are hers and she has also to do with the same at Koso.

IYA KERE
The coronation of any Aláàfin of Ọyọ is not complete without the crown on his head. The person who places the crown on the head of the king at the coronation is the Iya Kere, regarded as one of the most powerful women in the palace. Actually, next to the King’s Mother (Iya Oba), Iya Kere holds the highest rank and although greater deference is given to Iya Oba, it is Iya Kere who wields the greatest power in the palace.

Iya Kere is the one in charge of the treasures of the King. She keeps the royal insignia and all the paraphernalia used on state occasions and special events. Her powers are so extensive that she can even decide to withhold some of these royal treasures thus preventing any state event or ceremony from holding, she can do this to register her displeasure with the King whenever she is offended. As stated above, it is Iya Kere who places the crown on the head of the Aláàfin at his coronation, no one else is entitled to do that.

Iya Kere is also the ‘mother’ of all the Ilaris (male and female) because it is inside her apartment that they are usually created and she keeps in her custody all the sugudus that bear the marks of each Ilari in order to ensure the safety of the life of the King.

That is not all, as powerful as the Olosi is, Iya Kere exercises full power over him and even have him arrested and put in chains if he crosses his bounds. Iya Kere is the feudal head of the Aseyin, Oluiwo and the Baale (now Soun) of Ogbomoso. Once she assumes the office, she remains a celibate for life, that is the tradition.

IYA OBA (The Queen Mother)
Iya Oba is the official mother of the king. According to tradition, the King is not to have a natural mother. In a case where his own biological mother happens to be alive when he is called to ascend the throne, she is asked to ‘go to sleep’ and is ‘decently buried’ in the house of a relative in the city. All the inmates of that particular house are then given special priviledges and honoured as ‘members of the household of the King’s mother.’

As a mark of deference and devotion, the King sends to worship at her grave once every year. After the demise of the Queen Mother, another of the ladies of the palace is then made the Iya Oba and she is the one who is then supposed to play the role of a biological mother to him. And part of the privileges she enjoys as the Iya Oba is that she is the third person in the room when the King and the Bashorun worship the Orun in the month of September every year.

Iya Oba is the feudal head of the Bashorun.

IYA MONARI
She is the first lieutenant and assistant to the Iya Naso. It is the role of the Iya Monari to execute by strangling any Sango worshipper who has been condemned to death. Sango worshippers condemned to capital punishment cannot be killed by the sword and that explains why they cannot be executed by the Tetus.

IYA-FIN-IKU
She is the second lieutenant and assistant to the Iya Naso. She is referred to as the King’s Adoshu Sango meaning the King’s devotee to the Sango mysteries. It is the normal practice for all Sango worshippers to devote one of their children to the worship of Sango and that is the role that Iya-fin-Iku fulfills for the Aláàfin. She is the one in charge of the sacred ram which is allowed to go everywhere and about the markets without anyone molesting it and the ram can also eat with impunity anything it so desires from the sellers.

IYALAGBON
The mother of the Crown Prince (Aremo) is always promoted to the rank of the Iyalagbon. In a case where the mother of the Aremo is deceased, then another woman is promoted to that office and she becomes the mother to the Aremo. As the custodian of the next Aláàfin, the Iyalagbon enjoys massive influence and the control of a portion of the city is in her hands.

ORUN-KUMEFUN
She is also to see to the welfare of the Aremo and works in conjunction with the Iyalagbon.

ARE-ORITE
She is the Aláàfin’s personal attendant. It is the Are-Orite who sees to it that the royal meals are properly made, that royal bed is properly made, that the royal chambers are neatly arranged and she is also the one who sees the Aláàfin comfortably in bed after which she will go to her own apartment. When an Aláàfin is enthroned, it is the Are-Orite who places the umbrella-like silken parasol over his head as a canopy and she is constantly by the side of the Aláàfin to see to his needs and small services on public and state events.

These influential women are the real powers behind the throne. Not much is usually said about them, some do not even know they exist but they are always there in the background. These women communicate with the spiritual realm and guide every single step of the Aláàfin. They are the one who teach the Aláàfin all he knows about the Aláàfinate, they encourage him during times of trials, support him during periods of challenges and defend him from all forms of evils both physical and metaphysical.

These Mothers also do the divination to see how long an Aláàfin will rule, they educate him on what he can eat and what is forbidden that he cannot even touch, they are the ones who give the Aláàfin the ritual bath and cleanse and anoint him. They also take him through another process where his head is shaved (also by the Mothers) and then after seven days, they bathe it in snail water so that the Aláàfin will have the calm disposition and temperament needed to successfully hold the office.

These Mothers reveals to the Aláàfin the days of the divinites, when to worship the Orishas (deities), the kinds of rituals he has to do for each Orisha and the time to perform them. The Aláàfin then agrees to all these revelations and agrees to please these Orishas every day of the year except only one day in the year when there is no sacrifice and no worship of divinites. Only the Aláàfin knows this particular day of the year.

After the Aláàfin takes the throne with the power and authority to rule, these Palace Mothers oversee everything and they work silently in the background. They are the ubiquitous brains behind the kingdom. These Mothers (Ajes) prepare and spiritually empower the Adenla (the Great Crown) itself and as hinted earlier on, the Iyamode must be present whenever the Aláàfin is to be install, for only her can crown the Aláàfin. Without these Ajes, there will be no Yorubaland.

Iba eyin Iya o!

THANKS FOR YOUR TIME.

.

https://.com/the-eight-most-powerful-women-inside-the-alaafin-of-oyos-palace-that-you-never-heard-of-they-are-the-real-powers-behind-the-throne-and-are-so-powerful-the-king-calls-one-of-them-baba/

positivelord:
Nmagi Akanti Baru himself admitted that he does not need NNPC Board nor Kachukwu to award contract . Another faceless group is now alleging that Baru lied, he consulted Kachukwu accordingly.
Hmm This Country eeh

Don't mind them, they trying to blackmail Kachikwu.

Although it was reported in the media, TheCable inclusive, that he met with Buhari that day, it has turned out no such meeting was held.

TheCable confirmed that he was only able to meet presidential aides and that was why there were no pictures with Buhari and he did not make any comments to the State House media on the visit.


Whereas the letter — dated August 30, 2017 — leaked on Tuesday, October 3, 2007, he submitted it only on Thursday, October 5.


Kachikwu did no wrong here, since he resubmitted the letter on October 5.

And he never denied submitting the initial letter.

Interesting.

President Buhari Approved N640 billion Oil Contracts From His Sickbed In London, NNPC Chief Baru Indicates

President Muhammadu Buhari was granting approvals for oil deals to the Nigerian National Petroleum Corporation during the time he was on his sick bed in London – and when he had relinquished presidential powers to his Vice President – the head, Maikanti Baru, has indicated.

Mr. Baru said Mr. Buhari approved at least two separate oil contracts on July 10 and July 31 worth $1 billion and $780 million, respectively.

The N640.8 billion contracts (at N360/$ exchange rate) were approved when Mr. Buhari was receiving treatment for undisclosed ailments in London, and when he was not supposed to be exercising presidential powers, having named Vice President Yemi Osinbajo acting president in a formal correspondence to the National Assembly.

Mr. Buhari was flown to London on May 7, barely two months after he returned from his first 2017 medical vacation which saw him spend 50 days in the United Kingdom.

On May 9, a letter Mr. Buhari wrote to the Speaker of the House of Representatives and President of the Senate notifying them that he had relinquished presidential authorities in accordance with the Nigerian Constitution was read on the floor of both chambers.

Despite rumors of his early return, Mr. Buhari ultimately spent 103 days receiving treatment in London, returning on August 19.

On August 21, the president notified the National Assembly of his return in writing, saying he had “resumed” his “functions as the President of the Federal Republic of Nigeria with effect from Monday, 21st August, 2017.”

THE CONTRACTS

But on Monday, Mr. Baru revealed that Mr. Buhari had been exercising presidential powers by granting approvals for NNPC joint venture contracts when he was supposedly on his sickbed and not exercising presidential powers.

Mr. Baru gave details of the contracts as follows:

S/N PROJECT Amount (US$mn) APPROVALS LOAN EXECUTED BY

NTB PRESIDENTIAL
1. NNPC/CNL JV Project Cheetah 1200 16/04/15 01/09/15 Dr. E. I. Kachikwu
2. NNPC/CNL JV Project Falcon 780 26/04/17 31/07/17 Dr. M. K. Baru
3. NNPC/SPDC JV Project Santolina 1000 26/04/17 10/07/17 Dr. M. K. Baru

TOTAL 2980

(CNL refers to Chevron Nigeria Limited, SPDC to Shell Petroleum Development Company and JV to Joint Venture).

The disclosures were made when the NNPC responded – on behalf of Mr. Baru – to the allegations of contract fraud and insubordination raised by Ibe Kachikwu.

Mr. Kachikwu, the Minister of State for Petroleum Resources, had in an August 30 memo to Mr. Buhari said Mr. Baru unilaterally approved contracts without recourse to him or the NNPC board, amongst other concerns. The memo surfaced on social media on October 3, sending ripples through the country’s polity.

On October 9, the NNPC responded to Mr. Kachikwu’s allegations by publishing the above contract details, which it said was at the instance of Mr. Buhari, who had kept mum since the scandal broke.

But a look at the dates of the three contracts shows that two of them received presidential approval on dates Mr. Buhari was not in the country, July 31 for the second contract with Chevron Nigeria and July 10 for the contract with Shell. Mr. Baru’s name was placed against the contracts as the person who administered the contract in his capacity as the Group Managing Director of the NNPC.

Only the September 1, 2015, contract which Mr. Kachikwu oversaw during his tenure as the GMD of NNPC received presidential approval on a date Mr. Buhari was in the country and wielding presidential powers.

A compilation of Mr. Buhari’s travels reveals that he was in the country from early August 2015 when he returned from Cotonou until September 7 when he visited Accra.

But while it is clear that the presidential approval granted when Mr. Kachikwu was the head of NNPC happened when Mr. Buhari was exercising presidential powers; it appeared like Mr. Baru received his approval when Mr. Buhari was in London.

GETTING OSINBAJO’S CONSENT

In his memo to Mr. Buhari, Mr. Kachikwu stated that when Mr. Buhari was unwell in London for several months between May and August, Mr. Baru tried to get direct approval from Acting President Osinbajo for some personnel changes at the NNPC.

But Mr. Osinbajo asked Mr. Baru to go back to Mr. Kachikwu and get his input and approval first before making the changes. Mr. Baru refused to consult Mr. Kachikwu on that.

For weeks, the changes were not made, until Mr. Buhari returned on August 19. By August 29, Mr. Baru announced the changes.

This prompted Mr. Kachikwu’s letter to the president on August 30, complaining that he learnt of the development in the media.

Sources at the presidency corroborated Mr. Kachikwu’s claim that Mr. Osinbajo rebuffed Mr. Baru’s attempts to get presidential approval behind Mr. Kachikwu.

Neither the vice president’s office nor Mr. Baru also denied that claim by Mr. Kachikwu.

It is not immediately clear if Mr. Baru also attempted to get approval for the multi-billion dollar contracts from Mr. Osinbajo. But presidency sources said it was unlikely that Mr. Osinbajo, who did not allow Mr. Baru to make personnel changes, would allow the NNPC GMD to circumvent Mr. Kachikwu with such high-profile contracts.

Ndu Ughamadu, the spokesperson for the NNPC, would not confirm or deny if Mr. Baru got the approval from Mr. Buhari in London.

“Presidential approval is presidential approval,” Mr. Ughamadu said.

When PREMIUM TIMES reminded him of potential legal implications of Mr. Buhari exercising presidential powers even when he had relinquished same in accordance with the constitution, Mr. Ughamadu dug his heels in.

“Presidential approval is presidential approval,” the spokesperson insisted.

For several hours on Tuesday, presidential spokespersons Femi Adesina and Garba Shehu, did not respond to PREMIUM TIMES’ requests seeking their comments about this and other problematic parts of the NNPC revelations.

Sola Adebawo, Director of Communications at Chevron, did not immediately respond to PREMIUM TIMES’ requests for comments Tuesday evening. His counterpart at Shell Nigeria, Bamidele Odugbesan, simply told PREMIUM TIMES to “direct inquiries to relevant government authorities.”

Yet, the N640.8 billion oil contracts might not be the only one Mr. Baru got Mr. Buhari to approve while he was still unwell in London.

For instance, the NNPC announced on February 2 ‎that it received 128 bids from local and international firms willing to participate in its 2017-2018 Direct-Sale–Direct-Purchase crude programme, which was adopted by the Buhari administration last year to replace the crude oil swap initiative and the offshore processing arrangement.

Mr. Buhari was not around in on February 2 when the announcement was made, having been flown to London on January 19 for his first medical trip of the year. He didn’t return to the country until March.

On May 19, when NNPC sources told Daily Trust and a few other media houses that it had finally entered into a $6 billion deal with 10 companies for 2017-2018 edition of DSDP contracts, Mr. Buhari was also not in the country.‎

The NNPC spokesperson declined comments about DSDP contracts.

LEGAL EXPERT WEIGHS IN

Mr. Kachikwu previously doubled as the Minister of State for Petroleum and GMD of NNPC until he was relieved of the latter post by Mr. Buhari on June 4, 2016, the same day Mr. Baru was named as a replacement.

When Mr. Buhari named Mr. Baru the GMD, he made Mr. Kachikwu the chairman of the NNPC board.

The NNPC Act designates the board to oversee the affairs of the state-owned oil giant.

The Act states that the Minister of Petroleum must be the chairman of the NNPC board. Mr. Buhari is the substantive Minister of Petroleum. But he is allowed by the NNPC law to delegate powers, including chairmanship of the board.

However, the law also allows Mr. Buhari to act concurrently as the chairman of NNPC board even while the appointment of the person he delegated powers to is still valid.

Legal analyst, Liborous Oshoma, said the president’s action may be “unprocedural” but might not be entirely illegal.”

“This is similar to what we have witnessed since the president was away yet he was still issuing presidential statements and taking calls from President Donald Trump and other presidents to discuss matters concerning Nigeria.

“All that happened despite the fact that we had an acting president in place and Nigerians raised concerns at the time,” Mr. Oshoma said.

He said Mr. Buhari might not be in a good state of mind when the presidential approvals were procured and their validity could be challenged in court.

“The contracts could be challenged and possibly rendered invalid by the courts because he didn’t have presidential powers at the time he was exercising same,” Mr. Oshoma added. “The acting president ought to have approved those contracts because no one knew what state of mind the president was at the time.”


http://saharareporters.com/2017/10/11/president-buhari-approved-n640-billion-oil-contracts-his-sickbed-london-nnpc-chief-baru