Congestion at container shipping ports in southern China is worsening as authorities step up disinfection measures amid a flare-up in COVID-19 cases, causing the biggest backlog since at least 2019. More than 150 coronavirus cases have been reported in Guangdong province, a key manufacturing and exporting hub in southern China, since the latest wave of cases struck in late May, triggering local governments to step up prevention and control efforts that have curbed port processing capacity. Ports in Guangdong, including Yantian, Shekou, Chiwan and Nansha, have issued notices this week suspending vessels from entering ports without advance reservations and will…
Author: Temitope N.
The Department of Petroleum Resources (DPR) says it is planning to launch liquified natural gas (LNG) micro-distribution centres across the 774 local government areas (LGAs). Sarki Auwalu, director of DPR, disclosed this on Thursday during the 2021 Nigeria International Petroleum Summit in Abuja. In April 2021, Timipre Sylva, minister of state for petroleum resources, said the federal government was working towards opening liquified petroleum gas (LPG) micro-distribution channels across all LGAs in the country. The project targets 99 million women and households within three years, cutting across the 120,000 polling units and all wards 774 LGAs, Mary Ekpere-Eta, director-general of…
The stock market gained N150.8 billion yesterday as the bulls consolidated their hold on the market. The bulls had regained control of the market on Tuesday after a negative trading on the first day of the week. The positive trend continued yesterday as 25 stocks appreciated in prices compared with six that depreciated. As a result, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose 0.7 per cent to close at 39,170.95, just as market capitalisation rose N150.8 billion to close higher at N20.4 trillion. Traders said investors engaging on bargain hunting after prices dropped significantly in the month of…
The Department of Petroleum Resources (DPR) in Cross River has sealed a retail outlet, Chizioba Ventures, for allegedly selling adulterated kerosene. The outlet, which was shut down by the DPR, is located at number 65, Edgerdley Road in Calabar South. A statement on Friday in Calabar signed by the Operations Controller of DPR in the state, Mr George Ene-Ita, warned customers who bought kerosene from the outlet against using it. The release stated that a case of fire explosion was traced to the use of adulterated kerosene which occurred in Calabar South recently. “The public should take note that the…
The Central Bank of Nigeria (CBN) has denied planning to nationalise Unity Bank Plc as alleged by an online news medium. The report had claimed that the apex bank’s target examination of Unity Bank showed that the tier 2 lender is in ”grave financial condition”, with a capital adequacy ratio (CAR) and non-performing loans (NPL) ratio that breached prudential standards. Reacting to the report, Osita Nwanisobi, CBN’s acting director of corporate communications, described it as, “fake news”. “The report is fake news. There is no iota of truth in it,” Nwanisobi said. He added that the public should disregard such…
The Central Bank of Nigeria (CBN) on Thursday in Lagos said that its digital currency might be launched by the end of 2021. Mrs Rakiya Mohammed, an Information Technology Specialist with CBN, made the disclosure at an online news briefing at the end of Bankers Committee meeting. According to her, the apex bank has for over two years been exploring the technology and has made tremendous progress. “Before the end of the year, the Central Bank will be making special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the…
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…
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…