Minister of State for Petroleum Resources, Timipre Sylva, yesterday in Abuja, insisted that the continent must not continue to wait for Europe, the U.S., and other developed countries for the development of the region’s rich hydrocarbon resources. As of 2017, Africa’s proven gas reserves Africa stood at about 487.7 tcf, while proven reserves of oil are in the region of 125 billion barrels. While African governments are faced with persistent pressure to move into more sustainable energy options and avoid the environmental dangers that cloud fossil fuel, Sylva sees collaboration across the continent as a critical option. Speaking yesterday during…
Author: Temitope N.
With an estimated profit of $150billion yearly from about a 25million people exploited by human traffickers, the Lagos Chamber of Commerce and Industry (LCCI) has asked the government to address factors that drive irregular migrants on dangerous journeys through the creation of jobs and infrastructure that support entrepreneurship, adequate security and vocational skill training opportunities. Indeed, the chamber noted that human trafficking is a challenge of extraordinary proportions which causes a major humanitarian crisis, if not urgently and adequately addressed. This, the LCCI said, reinforces the need for critical reforms in the establishment of effective mechanisms that would minimise the…
Ahead of the African Continental Free Trade Agreement (AfCFTA) implementation in Nigeria, the Nigerian Institute of Chartered Arbitrators and other stakeholders are seeking dispute resolution mechanisms that will address concerns of non-state entities. According to the stakeholders, the Dispute Settlement Mechanism (DSM) of the AfCFTA leans more towards a state-to-state dispute settlement system, while neglecting non-state entities that are involved in actual trading under the pact. Speaking during a roundtable discussion held in collaboration with the Nigerian Chambers of Commerce Dispute Resolution Centre and the National Action Committee for African Continental Free Trade Agreement, Professor Jonathan Aremu, a Professor of…
Chinese e-commerce leader Alibaba Group said Tuesday that it posted lower profit but maintained steady revenue growth, indicating that a government crackdown on the country’s tech giants was having little impact on its core business.Alibaba said its net income in the April-June quarter came in at 45.1 billion yuan ($7 billion), down five percent on-year. The Hangzhou-based company was the first of China’s tech champions to feel the wrath of a government that has become concerned over their rapid growth and data security. In April, regulators fined Alibaba a record $2.78 billion for anti-competitive practises, dragging the company to a…
FIFA has launched a campaign to raise awareness of mental health issues and encourage people to seek help. The campaign tagged ‘#ReachOut’ was launched in collaboration with the World Health Organisation and the Association of Southeast Asian Nations. The campaign, according to FIFA is aimed at underlining the importance of greater awareness around mental health. The campaign, which also has the support of leading athletes, hopes to encourage people to achieve better mental health daily. At the launch of the campaign, FIFA president, Gianni Infantino, said, “This campaign is very important in raising awareness about mental health conditions and encouraging…
Consolidated Hallmark Insurance (CHI Plc) has added a new line to its expanding insurance interests through the new operational licence granted to one of its subsidiaries, CHI MicroInsurance Limited (Life Assurance), by the National Insurance Commission (NAICOM).The Group Managing Director of CHI, who also doubles as the Chairman, CHI Micro insurance Limited, Eddie Efekoha, told The Guardian at the weekend that the addition of Micro Life Assurance company to the group was part of the long-term goals of the firm as a one-stop-shop for financial services solution. Efekoha said that the low insurance penetration rate in Nigeria will improve significantly…
Cross-border trading is set for a lift as the African Securities Exchanges Association (ASEA) has signed a contract to roll out an African Exchanges Linkage Project (AELP) link technology platform for routing orders and trade confirmations among stockbrokers on NGX and six exchanges. Seven of Africa’s leading securities exchanges are working together under the AELP to boost pan-African investment flows and bring more liquidity to African markets. Cross border deals are transactions that involve more than one financial jurisdiction or involving many stock markets and national regulatory authorities. The supplier is DirectFN, a global IT firm experienced in capital markets…
For the first half of the year, ended June 30, 2021, telecommunications service provider, MTN service revenue hit N790.3 billion, an increase of 24.1 per cent. Its profit before tax (PBT) of N215.1 billion and profit after tax (PAT) of N141.8 billion in its half-year (H1) operations. The financial report showed pre-tax profit growth of N215 billion, representing a 54.1 per cent increase, while profit for the period soared by 49.5 per cent to N141.827 billion. MTN, which disclosed this in its unaudited results for the half-year 2021, said earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 27.6…
The National Pension Commission (PenCom) has revealed plans to commence a pilot scheme of its online pre-retirement verification and enrolment exercise for retirees in government ministries, departments and agencies (MDAs) in the country. The commission, at a workshop titled ‘Positioning the Pension Industry in a Post-COVID Era’ held in Lagos, said the enrolment will take off between August 2nd to 20th 202 PenCom said it could register, verify and enroll prospective retirees of treasury-funded federal government MDAs to compute their accrued pension rights and budgetary allocations.As a prelude to the formal deployment of the online enrolment application, the commission would…
Data suggest increasing perception about naira The dollar pulled back at the parallel market at the weekend on the strength of rising market optimism and ease of panic over the stoppage of foreign exchange sale to the bureau de change (BDC) operators. The dollar traded between N505/$ and N515/$ in the Lagos market at the weekend. On Wednesday, a day after the announcement of the new policy by the Central Bank of Nigeria (CBN), the naira fell to N525/$ raising the fear that it would hit N550/$ in the next few weeks. There will panic across the market after a…
The News Agency of Nigeria (NAN) recalls that the CBN had last week stopped sales of FX through Bureau de Change Operators and announced that foreign exchange would now be sold through commercial banks. A visit to some commercial banks in Abuja on Monday by NAN correspondent showed that they were in full compliance to the directive. Checks at Fidelity Bank, Keystone Bank and Zenith Bank, all in the Central Area of Abuja, showed that they all had designated teller points for FX transactions. At all the banks visited, officials said that the dollar was selling at an official rate…
The Nigeria Customs Service says 30 out of 65 private airplanes verified so far are liable to pay required duties to the Federal Government. The Customs Public Relations Officer, Mr Joseph Attah, made this known while speaking with newsmen in Abuja on Sunday. Attah explained that some of these airplanes came into the country by Temporary Importation agreement which allows them to bring the jets without payment because it was secured by bond. He said thereafter many of them failed to turn up to pay on the expiration of the agreement which necessitated the verification. He stated that with this…
The Independent Petroleum Marketers Association of Nigeria on Saturday threatened to suspend the supply and distribution of products within its designated Eastern Zone effective Monday. IPMAN’s strike notice, which was contained in a circular signed by the association’s National President, Sanusi Fari, is coming against the backdrop of alleged harassment of its members by the police. Depots to which IPMAN supplies products in its designated Eastern Zone include Aba, Calabar, Enugu, Makurdi, and Port Harcourt. “Following the series of unwarranted attacks by the police against IPMAN, Eastern Zone comprising the National Executive Committee of IPMAN resolved that members withdraw their…
The Board of Directors of Seplat Energy Plc today announces the appointment of Dr. Emma FitzGerald as an Independent Non-Executive Director of the Company, joining the Seplat Board with effect from 1st August 2021. Dr. FitzGerald replaces Lord Mark Malloch-Brown who retired from the Board of the Company. Dr. FitzGerald is a seasoned executive in Energy & Water, with hands-on experience in transformation through her many years of working at Shell, ranging from building its lubricants business in China to running its Global Retail network. From 2007-2010, she was accountable for Shell’s Downstream strategy and played a key role in…
The representative of Ekeremor Constituency 2 in the Bayelsa State House of Assembly, Wilson Ayakpo Dauyegha, has tackled alleged negligence of his community by the Bayelsa Oil Company Limited (BOCL), of not carrying out its statutory Corporate Social Responsibilities (CSR). Dauyegha, in a statement, yesterday, added that despite the goodwill enjoyed by BOCL, it abysmally failed to reciprocate the gesture. The Deputy Minority Leader, however, hailed the Federal Government for awarding the Atala Oil Field to an indigenous oil exploration company, adding that any other decision would have been perceived as utter neglect towards the interest of the host communities.…
World energy giant, Shell, has named Elohor Aiboni as the Managing Director of its Nigeria deep-water business, Shell Nigeria Exploration and Production Company Limited (SNEPCo), with effect from 1st August 2021. Elohor is the first female to lead a Shell exploration company in the over 60 years of Shell’s operations in Nigeria. She succeeds Bayo Ojulari who retired on 31st July 2021 after five years as SNEPCo’s MD and over 30 years of service in the Shell group. Until this appointment, Elohor was the Bonga Asset Manager responsible for overseeing end-to-end production delivery for Nigeria’s pioneer deep-water Floating Production, Storage…
The Ogun State Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, has assured that the state will maintain its leadership position as preferred investor destination in Nigeria, as can be confirmed by recent data from the Nigerian Investment Promotion Council (NIPC). NIPC in its recent report showed that 30 percent of the total investments in Nigeria was in Ogun State with $500 million new investments, the highest in the country for the second quarter of 2021. Mrs. Longe who dropped the hint while speaking with news men in Oke-Mosan, Abeokuta, said the present administration would continue to implement business-friendly…
The Dangote Cement, has posted a Profit After Tax (PAT) of N191.6 billion, after a tax charge of N89.6 billion in its unaudited results for the half year ending on June 30.The Group Managing Director, Dangote Cement, Mr Michel Puchercos, said this in a statement on Sunday in Lagos.Puchercos said that the company’s resilient results for the six months ending on June 30, was as a result of the group sales volumes which hit 15.3Mt.“In the period under review, Nigerian operations of the company accounted for a sales volume of 9.87 Mt, while pan African operations contributed the balance of…
Lagos, the Federal Capital Territory and 14 other states reported 558 new cases of COVID-19 on Thursday, according to the figures released on Friday by the Nigeria Centre for Disease Control. The agency also reported two COVID-19 related deaths. The NCDC disclosed this on its official website on Friday. According to NCDC, the 558 new cases were recorded from Lagos, FCT, and 14 other states. Lagos with the the highest numbers for new infections reported 376 new cases Oyo – 33, Akwa Ibom – 26, FCT – 22, Imo – 15, Bayelsa – 13, Ekiti – 13, Kano – 12,…
Nigeria’s pharmaceutical manufacturing sector is going through a tough time, according to the Association of Industrial Pharmacists of Nigeria. The pharmaceutical sector, the association said, is facing serious challenges of infrastructure deficits that players in the industry require government support and intervention to surmount. Speaking, the immediate past National Chairman of the NAIP, Ignatius Anukwu, said the decision of the industrial pharmacists to partner with the Ebonyi State Government in its push for the establishment of pharmaceutical manufacturing parks was prompted by the quest to overcome some of the serious infrastructural challenges facing the industry. According to Anukwu, while the…