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…
Author: Temitope N.
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…