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Thursday, October 16, 2014
Vol. 1 No. 240
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House probes $10bn oil loss to merger, acquisitions Philip Nyam Abuja
T
he House of Representatives is investigating the $10 billion revenues allegedly lost to various mergers and ac-
quisitions by oil majors operating in the country since 1998. The House joint Committee on Finance and Justice, which disclosed this yesterday, indicated that the preliminary investigations which started in
September 2013 are yet to be concluded. Chairman, Committee on Justice, Hon. Ali Ahmad (APC, Kwara), alleged that the statutory payments were not paid by the oil majors into government’s accounts in line
with international best practices. He assured that the detailed investigations would identify the defaulting oil majors as the committee will come up with findings on the exact amount of money each was with-
holding from the Federal Government. Ahmad said: “Because of this wrong development, we are compelled to set the records straight and give members of the public and stakeholders CONTINUED ON PAGE 6
Speaker Aminu Tambuwal
Goodbye, Mr. President lSeven ministers quit Jonathan’s cabinet lBe good ambassadors, he charges them
}5
Quick Read Editorial The fight against poverty }19 Buhari: Nigeria has regressed }4 under PDP
Mutiny: Army begins trial of 59 soldiers }5 Ikot Ekpene elders adopt Jonathan, }48 Akpabio
A cross section of soldiers standing trial for mutiny at Mogadishu Barracks in Abuja…yesterday.
PHOTO: ELIJAH OLALUYI
Reps approve life pension for president, others lSenators’ absence stalls debate on constitution report Philip Nyam and Chukwu David Abuja
T
he House of Representatives has approved a life pension for the President, Vice President, Sen-
ate President and his deputy, Speaker of the House and the deputy respectively. This is one of the highlights of the harmonised report on the review of the 1999 Constitution unani-
mously adopted by the House yesterday. The provision is contained in clauses 5 and 5A on page 39 of the report. It provides that: “Any person who has held office as President or Vice
President shall be entitled to pension for life at a rate equivalent to the annual salary of the incumbent President or Vice-President; provided that such a person was not removed from office by the process
of impeachment or for breach of any provision of this constitution.” The House, however, rejected the amendment of section 9 of the constitution to allow for a refCONTINUED ON PAGE 4