The Federal Government says it had no immediate plan to ban the importation of gas cylinders as part of its LPG expansion and implementation plan. Mr Dayo Adesina, Senior Special Assistant on Domestic Gas in the office of the Vice-President, made the disclosure in an interview with newsmen on Sunday in Abuja. He said that the government was working on first building local capacities before contemplating a ban. According to Adesina, who is also the Programme Manager of the National LPG Expansion and Implementation, Nigeria still has a lot of cylinder deficits to fill in meeting the LPG…
Author: Temitope N.
The Securities and Exchange Commission has dispelled insinuations in some sections of the media that MBA Capital and Trading Ltd is a registered capital market operator with the Commission. The clarification was made by the Management of SEC in a statement issued by the Head of Corporate Communications, Efe Ebelo in Abuja on Monday. According to the SEC, “The attention of the Securities and Exchange Commission (“the Commission”) has been drawn to a publication in one of the National Daily Newspapers, in which a victim of an alleged scam perpetrated by MBA Capital and Trading Limited, Misan Sagay reportedly stated…
A $500 million U.S. victim compensation fund for the relatives of 346 people killed in two fatal Boeing 737 MAX crashes opened Monday, the claim administrators told Reuters. The fund is part of a settlement with the Justice Department. Boeing Co in January agreed to pay $500 million to compensate the heirs, relatives and beneficiaries of the passengers who died in Lion Air Flight 610 and Ethiopian Airlines Flight 302 in 2018 and 2019. Each eligible family will receive nearly $1.45 million and money will be paid on a rolling basis as claim forms are submitted and completed, said administrators…
The House of Representatives has summoned the Minister of Transportation, Mr. Rotimi Amaechi, and the management of the Nigeria Ports Authority (NPA) to give details of the revenue accruing to the NPA as at December 31, 2016, amounting to N166,685,929,000, which were not properly captured in the statement of account of the agency. The minister and NPA management, which were initially expected to appear before the House Committee on Public Accounts yesterday, pleaded for another date to cause appearance, and were given a July 8 to appear before the committee. They are also to explain the cost of services rendered…
Mr Fidet Okhiria, Managing Director, Nigerian Railway Corporation (NRC), says the corporation will soon include Sunday in the Lagos/Ibadan standard gauge rail service to satisfy customers’ needs. Okhiria disclosed during a two-day retreat for senior management of the corporation held in Lagos on Thursday. “We are working to include Sunday service in our operations. In the next two weeks, Sunday service will commence but we need to service the rolling stock fully before programming the train for seven days of operation. “We want Nigerians to enjoy the train service. If not for the servicing, the Sunday service would have commenced…
The Securities and Exchange Commission has stated that it recognizes the importance of digital platforms for democratizing access to capital market products and services for greater financial inclusion in the capital market. This was stated by Director General of the SEC, Lamido Yuguda, who was represented by the Executive Commissioner Legal and Enforcement, Reginald Karawusa, at a webinar organised by the Commission, with the theme: “Digital platforms: New Frontier for capital Market inclusion.” Yuguda said: “As the apex regulator of the Nigerian capital market, with a dual mandate to regulate and develop the market we recognize that the greatest asset…
Total Companies in Nigeria has unveiled its corporate vision in line with the change of the Total Group to TotalEnergies. The organisation aims to produce more renewable electricity and Liquefied Natural Gas (LNG) by 2030. The oil major also outlined its broad energy lineup that includes oil, gas, electricity, hydrogen, biomass, wind and solar. TotalEnergies is committing $60 billion to investment in renewable energy in the next 10 years, with 10 per cent of that investment expected to come to Nigeria. Speaking at a virtual parley with journalists, the Executive General Manager, Total Country Services, Mrs. Bunmi Popoola-Mordi,…
The Organisation of Petroleum Exporting Countries (OPEC) has said the impact of the COVID-19 pandemic increased global debt by $24 trillion, taking it to $281 trillion during the crisis. Speaking at the 135th meeting of the Economic Commission Board (ECB) of OPEC, the cartel’s Secretary-General, Dr. Sanusi Barkindo, urged member countries to be wary of the inflationary effect of their borrowings as the $24 trillion is more than the United States annual Gross Domestic Product (GDP). Barkindo spoke just as the Petroleum Industry Bill (PIB) may, again, run into troubled waters this month as Shell Nigeria Exploration and…
The United Nations (UN) has commended Nigeria for playing a leading role in efforts to secure the Gulf of Guinea, saying it will continue to support the country and the region. Secretary General of the International Maritime Organisation (IMO) Kitack Lim said the country had made important contributions to the fight against piracy and armed robbery in the Gulf of Guinea maritime domain, foremost among them the recent launch of the Integrated National Security and Waterways Protection Infrastructure, also called the Deep Blue Project. IMO is the specialised agency of the UN responsible for regulating shipping. “I would like to…
The Nigeria Customs Service (NCS), says it will detain any defaulting privately owned airplanes at the expiration deadline of the July 7 , as part of the ongoing verification. The Customs’ Public Relations Officer, Mr Joseph Attah said this at a news conference to give update of the verification in Abuja on Monday. Newsmen recall that the service on May 31, announced its intention to carry out holistic audit of the importation of private airplanes operating in the Country. Attah explained that, as agency of government responsible for enforcement of laws governing imports and exports in Nigeria,…
Meters Assets Providers (MAPs) operating in the Nigerian Electricity Supply Industry (NESI) have demanded an upward review of the current price of prepaid meters by the Nigerian Electricity Regulatory Commission (NERC). Prepaid Electric Meter MAPs in a communique issued at the end of its meeting in Lagos said the demand became necessary “in view of rising inflation, continued upward movement of foreign exchange rates, associated increases in customs cost, increase in container freight costs, and the disruptions in the international supply chain, leading to a global increase in the prices of raw materials and components for the manufacture of prepaid…
The Central Bank of Nigeria (CBN) yesterday said plans had been finalised to distribute 27,000 metric tonnes of rice paddy directly to millers nationwide effective June 24. The initiative which is being undertaken in partnership with the Rice Farmers Association of Nigeria (RIFAN), is expected to address the rising cost of food prices in the Nigerian market. The move will come as huge relief to Nigerians who have raised concerns that despite the bountiful harvest season, the prices of food commodities especially rice had been on the increase. Stakeholders have variously blamed the middlemen for hoarding the commodity in order…
The Securities and Exchange Commission (SEC) has given approval to Chaka Technologies Ltd. to operate a digital platform for buying and selling of local stocks. Efe Ebelo, Head, Corporate Communications, SEC, told newsmen, on Wednesday in Lagos, that the company’s application was approved last week by the commission. She added that the company was licensed to operate as sub-broker (digital) trading on local stocks. NAN reports that Chaka Technologies, with the approval, becomes the first to acquire the digital sub-brokers license introduced by SEC in April. The approval came after months of uncertainty regarding regulations of digital trading in Nigeria.…
The World Bank has advised the federal government to focus on low-hanging and revenue-yielding fruits in order to achieve substantial gains, grow Nigeria’s tax-to-GDP ratio to about seven per cent and rake in about N10 trillion revenue in the next three years. Specifically, the bank advised the government to increase ‘sin taxes,’ charging fees for electronic money transfers, rationalising tax expenditures, removing loopholes in tax laws, and improve tax compliance with more disciplined revenue administration. The advice formed part of the bank’s ‘Nigeria Development Update’ released recently. The report titled: ‘Resilience through Reforms,’ noted that tax revenues were necessary to…
Private jet owners risk having their airplanes impounded by the Nigeria Customs Service if they fail to verify their documents before July 6, 2021 when a month grace period would have expired. The Public Relations Officer of NCS, Joseph Attah, disclosed this on Monday in Abuja at a media briefing to update the public on the ongoing audit of privately-owned aircraft operating in Nigeria. Recall that newsmen reported last month that the NCS directed all private aircraft owners in the country to present relevant importation clearance documents to the agency for verification. On Monday, Attah said, “Within two weeks into…
Green Africa Airways, a Nigerian start-up carrier, has suspended ticket bookings following the delay in the issuance of its Air Operator’s Certificate (AOC) by the Nigerian Civil Aviation Authority (NCAA). The airline had already started selling tickets to customers for its flights which were initially scheduled to commence on June 24. A review of the airline’s charges by TheCable shows that flight fees for Lagos and Abuja and vice-versa for the year is between N16,500 and N23,000. At a joint meeting between top officials of the regulatory body and senior executives of Green Africa, the airline said it was concluded…
National Committee of Heads of Colleges of Agriculture and Related Disciplines (NACHCARD) has urged the Central Bank of Nigeria (CBN) to capture graduates from agricultural institutions in its intervention programs. The association said the inclusion of graduates in the programs will accelerate food security and diversification of the economy. This was contained in a communique issued at the end of the 59th meeting of the NACHCARD held at the Agricultural Research Council of Nigeria, Abuja. The communique was signed by the president and secretary of the association, Dr Egbenya Shaibu-Imodagbe and Dr. Oluyemi Akande. It read in part: “NACHCARD observed…
Naira gained against the U.S. dollar on Tuesday at the official market, a day after a major slip at the official and parallel markets. Data posted on the FMDQ Security Exchange where forex is officially traded showed that the currency closed at N410.00 per $1 on the official Nafex window, as forex supply rose from what was recorded in the previous session on Monday. Tuesday’s performance represents a 0.41 per cent appreciation from N411.67 it traded in the previous session on Monday. Forex turnover increased by 79.54 per cent with $169.07 million posted as against the $94.17 million recorded in…
Namibia is targeting 70% of its installed electricity capacity to come from renewable sources by 2030. Namibia is seeking developers to build a 25 megawatt solar-power facility to source energy for its capital, Windhoek, and help counter an electricity shortage. The public-private partnership will include the construction, financing and operation of the facility, the city said in a notice published in local newspapers. It’s estimated to cost 420 million Namibian dollars ($29 million). Namibia is targeting 70% of its installed electricity capacity to come from renewable sources by 2030.
A Federal High Court sitting in Abuja on Monday has given judgment on the case instituted by Obong Effiong Archianga and nine others, representing Ibeno Clan in Akwa Ibom State against the Nigerian National Petroleum Corporation, Mobil Production Nigeria Unlimited, and Exxon Mobil Corporation as first to third defendants respectively. The court held that the claim of the plaintiff succeeds as there was no evidence before the court that the second defendant curtailed flaring of gas, nor carried out any clean-up activity in the community, nor paid compensation for oil spillages from its pipelines. Consequently, the court also awarded N82…