The senate has commended the Nigerian National Petroleum Corporation (NNPC) for its efforts towards attaining profitability and stamping out corruption from its system. Suleiman Abdu Kwari, chairman senate committee on anti-corruption and financial crimes, gave the commendation at a hearing which was held at the national assembly complex, Abuja. Kwari said it was heart-warming to learn that the NNPC was making great strides towards profitability and urged the corporation to sustain the gains recorded so far for the good of the country. In his presentation at the hearing, Mele Kyari, the group managing director of NNPC, said the corporation was…
Author: Temitope N.
The Nigerian Communications Commission (NCC) has urged Nigerian youths to leverage Internet/broadband access to unleash their potential for innovation and creativity, as well as their quest for job opportunities and skills acquisition. The Executive Vice Chairman (EVC) of the Commission, Prof. Umar Garba Danbatta, made the call during the presentation of 100 pieces of mattresses to the Federal Capital Territory’s Permanent Orientation Camp of the National Youth Service Corps (NYSC), Kubwa, Abuja. The presentation of the mattresses was in demonstration of the Commission’s solidarity and corporate social responsibility (CSR) to support the replacement of some of the items carted away…
Nigeria’s proven gas deposits has risen to 206.53 trillion cubic feet (tcf) from the 203.16tcf declared last year, the Department of Petroleum Resources (DPR) said yesterday, in Abuja. Speaking at the Nigeria International Petroleum Summit, Director of DPR, Auwalu Sarki disclosed that indigenous oil, and gas companies were now contributing as much as 33 per cent to the nation’s crude oil reserves and about 30 per cent of gas reserves. While the local operators’ contribution to the reserves was less than 10 million barrels in 2005, it has grown significantly to about 62 million barrels in 2020. Speaking on the…
The Nigerian Communications Commission (NCC) has concluded the process for determining the cost-based price of mobile International Termination Rate (ITR) to ensure healthy competition on traffic handling for voice services between local and international operators in Nigeria The Commission made this known at the final stakeholders’ forum for the presentation of the study on cost-based pricing of mobile ITR, undertaken by Messrs Payday Advance and Support Services Limited, held at the Commission’s Head Office in Abuja. Speaking at the forum, the Executive Vice Chairman (EVC) of NCC, Prof. Umar Danbatta, said the cost-based study became imperative, following previous efforts at…
New data for the global air cargo market has shown a general increase in demand for African airlines among the top gainers. The International Air Transport Association (IATA) cargo market report for April 2021, released yesterday, showed that demand continued to outperform pre-COVID levels (April 2019) with demand up 12 per cent. Global demand was up 12 per cent compared to April 2019 and 7.8 per cent compared to March 2021. Seasonally adjusted demand is now five per cent higher than the pre-crisis August 2018 peak. North American carriers contributing 7.5 percentage points to the 12 per cent growth…
Despite concerns about xenophobia between Nigeria and South Africa, bilateral ties between the two countries hit $2.9 billion last year with hopes of improved trade with the African Continental Free Trade Area (AfCFTA). According to Nigeria’s Consulate in Johannesburg, Nigeria accounts for 64 per cent of South Africa’s trade in West Africa and is one of South Africa’s top three sources of crude oil. The Consulate noted that in 2020, South Africa imported R35 billion ($2.48 billion) worth of goods, predominantly crude oil from Nigeria and exported R6 billion ($425milion) to Nigeria. The Consulate added that while the…
The Amalgamated Union of Food Stuff and Cattle Dealers of Nigeria (AFUCDN) has threatened to cut the supply of foodstuff nationwide if insecurity is not addressed by the Federal Government. A drastic drop in food supply would have an adverse effect on inflation and household incomes. The National President of the union, Muhammed Tahir, who disclosed this at the end of an emergency meeting of the union in Abuja, said since Governor Yahaya Bello of Kogi State intervened last three months in a move that led to the suspension of six days old industrial action, nothing has been done to…
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has declared that the country can no longer sustain subsidy, insisting that the corporation has been burdened by the fuel subsidy dilemma even without budgetary provisions. He made the assertion, yesterday, when he appeared before the Senate Committee on Anticorruption and Financial Crimes to assess the level of implementation of the National Anti-corruption Strategy 2017-2021. He, therefore, sought the National Assembly’s support on complete deregulation of Premium Motor Spirit (PMS), otherwise known as petrol. “The issue needs the help of not only this committee, but also of the…
A top global ICT infrastructure provider, Huawei, has introduced new ICT solutions for higher safety and efficiency in the oil and gas industry in Nigeria. While participating at the Nigeria International Petroleum Summit 2021, Huawei hosted a forum to discuss how to drive data to barrel and set up an exhibition booth to showcase its leading new ICT innovations such as Oil and Gas IoT, Digital Pipeline, HPC & Operations Management, and Smart Distribution. While introducing Huawei’s innovation to the Minister of State for Petroleum Resources, Timipre Sylva, who visited the Huawei exhibition booth with other dignitaries like the…
Findings of the survey for Nigeria include that demands on IT teams increased as technology became the key enabler for dispersed and digital organizations. It disclosed that the overall IT workload (excluding security) increased for 66 per cent of IT teams, while 69 per cent experienced an increase in cybersecurity workload. Besides, the survey said adversaries were quick to take advantage of the opportunities presented by the pandemic, where 60 per cent of IT teams overall reported an increase in the number of cyberattacks targeting their organization over the course of 2020. According to the findings, the…
National telecoms operator, Globacom, has moved to address a common problem usually encountered by phone users whose lines get disconnected after 90 days as a result of inactivity. To bring relief to this category of subscribers, the company, yesterday, announced the introduction of ‘Always On’, a new prepaid tariff, which allows subscribers to retain their phone numbers for one full year even if they do not use the lines during the period. In a statement released in Lagos yesterday, Globacom said its subscribers no longer need to worry about their lines getting suspended or disconnected even if they…
• 2020 fiscal deficit stands at N6.6tr as debt hits N33.1tr • ‘FX rate may hit N700/$ before next year’ • Political industry (2023) to add more pressure, says Opeoluwa • Naira can’t be stable without market transparency, says ex-CBN director • Reps urges halt in free fall of naira value to dollar, other currencies Except extraordinary measures are taken to salvage the naira, experts have warned that economy could reach the cliff sooner than expected. The warning comes as structural challenges, coupled with transient measures ranging from insecurity, mono foreign earnings, insatiable borrowings, declining foreign investment inflows, rising…
Naira depreciated further against the U.S. dollar at the official market, also known as the Investors and Exporters (I&E) window on Tuesday, data posted on the FMDQ Security Exchange where forex is officially traded showed. The domestic currency remained stable at the black market. Data from the I& E window showed that the naira closed at N411.50, a 0.11 per cent decline from N411.07 it traded on Monday. Naira experienced an intraday low of N421.96 and a high of N400.00 at the Nafex window, before closing at N411.50 on Tuesday. This occurred as foreign exchange supply…
The Development Bank of Nigeria (DBN) has reaffirmed its commitment to environmental sustainability, pledging to entrench positive practices in its operations and among its stakeholders. In his message to the staff to commemorate the 2021 World Environment Day, the DBN Managing Director, Tony Okpanachi, highlighted some of the various challenges that the environment is facing, adding that DBN will continue to prioritise and focus on issues of sustainability essentially aimed at addressing some of the challenges. He noted: “The World Environment Day is a day set aside by the United Nations to raise awareness on and take action…
Bitcoin is to become legal tender in El Salvador, the country’s president said, making it the first nation to adopt a cryptocurrency for everyday use. Lawmakers in the Central American nation’s Congress passed a bill late Tuesday that will eventually allow the famously volatile digital currency to be used for many aspects of daily life, from property purchases to tax contributions. “The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele tweeted after the vote late Tuesday. “History!” the president added. The 39-year-old leader said a majority of 62 out…
The House of Representatives has asked the Central Bank of Nigeria (CBN) to halt the downward spiral in the value of the naira against the dollar. The lawmakers reached the decision on Wednesday after debating a motion of matter of urgent public importance moved by Bamidele Salam (PDP, Osun) during plenary. PREMIUM TIMES had reported the depreciation of the Naira against the Dollar at the Investors and Exporters (I&E) window. Data from the I& E window showed that the naira closed at N411.50, a 0.11 per cent decline from N411.07 it traded on Monday. The Naira experienced an…
In order to improve electricity supply around Ibeju-Lekki area in Lagos and Agbara Industrial area in Ogun State, the Niger Delta Power Holding Company (NDPHC) and Eko Electricity Distribution Company Plc (Eko Disco), have signed a bilateral agreement for the sale of up to 300MW of power from NDPHC’s power plants to customers in these areas within Eko Disco’s franchise areas. The Lagos State Governor, Mr. Babajide Sanwo-Olu, who hosted the signing of the agreement for these projects at Lagos House, commended the initiative by NDPHC and Eko Disco, and stated that “he will monitor the implementation of the agreement.”…
Mr Bala Wunti, Group General Manager, National Petroleum Investment Management Services (NAPIMS) says Nigeria has earned over one million euros from sale of carbon credits through its partnership with TotalEnergies. Wunti disclosed this on Wednesday in Abuja, while speaking with newsmen on the sidelines of the ongoing 2021 Nigeria International Petroleum Summit (NIPS). Newsmen report that a carbon credit is a permit that allows the company that holds it to emit a certain amount of carbon dioxide or other greenhouse gases. “It is through our partnership with Total that we are able to market our credit position and…
Nigeria is in talks with four West African countries to sell unused Electricity to them through a planned $570 million Northcore Power Transmission Line. The acting Managing Director of the Transmission Company of Nigeria (TCN) and Chairman, Executive Board of the West African Power Pool (WAPP), Engr. Sule Ahmed Abdulaziz, stated this on Wednesday during the WAPP meeting on the Northcore project in Abuja. Newsmen report that about 2,000 megawatts (MW) of electricity is said to be unutilised daily across the Generation Companies (GenCos) in Nigeria and could be exported. “The power we will be selling is the power that…
Taking its drive for maritime capacity building to the younger generation, the Nigerian Maritime Administration and Safety Agency visited Premier Academy School, Lugbe in Abuja to mark this year’s Children’s Day. The Agency donated educational materials to the school as part of its Corporate Social Responsibility. The Director General of NIMASA, Dr. Bashir Jamoh, reiterated NIMASA’s commitment to capacity building in the maritime industry, saying secondary schools in the country are a good place to begin the awareness. Jamoh encouraged the students, especially those in the sciences, to show interest in maritime by choosing maritime related careers, especially given the…