All Posts in "Day: June 11, 2021"

 FG Inaugurates Committee To Develop Roadmap For Gas Powered Economy

Federal Government  has
inaugurated a three-tier committee  to help develop a roadmap for the implementation of gas powered economy in the county.
Chief Timipre Sylva, the Minister of State for Petroleum Resources, who disclosed this  at the ongoing 4th Nigeria International Petroleum Summit (NIPS) in Abuja, said the minister said that the committees include committe of sponsors,  a steering committee and a working team
The theme of the conference is ” From Crisis to Opportunities, new approach to future of hydrocarbon”.
” From the feedback I got,  stakeholders  and the Nigerian people are fully  in support  of the government’s Natural gas Agenda and the quest to use the resources to turn country around.
” We cannot afford any delay and we need to hit the iron while it is red hot.
” I want to believe  that the roadmap and action plan to deliver on the expectations of a gas powered economy by 2030 developed from the earlier meeting is part of the agenda of the session.
“In this regard,  on June 2nd,   I inaugurated the three tier structures to develop this roadmap comprising of a committee  of sponsors,  a. steering committee  and a Working team.
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“The committee of sponsors is to be chaired by the Minister of State for Petroleum, the Group Managing of the NNPC, Chairman of Oil Producting Trade(OPTS), Managing  Director of the NLNG,  Director of Department of Petroleum Resources (DPR) and a representative of Minister of Finance  as a member,” he said.
According to him, a consultant  will provide programme  and project management services across the three tiers.
He added that the final roadmap would  be a combination of all efforts and previous work done by the ministry,  NNPC,  DPR,  Standards Organisation of Nigeria (SON), NIPS among others and would be coordinated by the consultant  into one consolidated report.
” I want to see a holistic  roadmap and action plan that provides the appropriate  leverage for the way forward in delivering  the decade of gas vision.
“The critical milestone that must be achieved  should be clearly stated with short to medium and long term strategies.  There should be defined and detailed activities,  actions,  timelines and shared responsibilities,”  he added.
He assured that the Ministry of Petroleum  Resources  was ready to play its part and follow its shared responsibility through.
He noted that President Muhammadu Buhari had demonstrated enough zeal to leave no doubt that his vision of using  the country’s vast natural  gas resources  to lift Nigeria into the league of top industrialised nations in the next decade is not a matter of Rhetoric.
“I do not expect everything in this journey to be a smooth sail,  however,  with the kind of determination I have seen so far demonstrated by his administration on natural gas related issues, there is no challenge along the way that will be too difficult to surmount,” he added
Online Editor by — June 11, 2021 in Oil&Gas 0
Over 2000 Firms Jostle For  FG’s Forfeited Assets

FG: Over 2,000 Firms Submitted Bids to Sell FG's Forfeited AssetsTHISDAYLIVE
Over 2000 firms  have  tendered their documents in a bid to emerge as auctioneers of the recovered assets forfeited to Federal Government.
Permanent Secretary, Federal Ministry of Justice, and Solicitor General of the Federation, Dayo Apata SAN, disclosed this when he declared open the bidding process to select auctioneers for the sale of the forfeited assets.
Apata, who is also  the Chairman, Interministerial  Committee on the disposal of Federal Government’s  forfeited assets, said before arriving at this stage, the assets passed through a valuation process so that the FG will not sale the assets below their value.
He explained that the valuers were disqualified from bidding for the auctioneering just as he added that no member of his committee was allowed to signify interest in the disposal of the forfeited assets.
The Committee chairman hinted that the forfeited assets are 24 in number, and situated in different locations across the country.
Recall that the Attorney General of the Federation and  Minister of Justice, Abubakar Malami SAN, had on November 9, 2020 inaugurated the interministerial  committee on the disposal of Federal Government’s  forfeited assets.
Malami said the composition of the interministerial committee was approved by President Muhammadu Buhari on October 27, 2020.
The 22-member committee  according to the AGF was given six months to dispose all Federal Government forfeited assets.
Online Editor by — June 11, 2021 in News 0
Buhari Flags Off $1.5bn Lagos-Ibadan Rail Line For Commercial Operations

President Muhammadu Buhari  has  flagged off for operations the $1.5 billion Lagos-Ibadan  standard gauge railway project.
Daily Independent reports that the latest project marks the third standard gauge rail project commissioned by the President Muhammadu Buhari in the last five years after Kaduna-Kano and Itakpe-Warri rail line.
The 157 kilometers rail line runs from Apapa-Wharf in Lagos through Ogun state and terminated at Ibadan, the Oyo State capital.
President Muhammadu Buhari while Inaugurating the rail line described the project as another milestone in the drive of Nigeria to revitalize the railway system and establish it as a choice mode of transportation for both passengers and freight.’’
He promised that his administration would continue to prioritise the railway system as a transportation backbone that can transform industrial and economic activity in the country.
On the benefits of the Lagos-Ibadan corridor as well as other on-going railway projects across the country, President Buhari said:
 ‘‘This vital line establishes an end-to-end logistic supply chain in railway transport within its short corridor, Lagos – Ibadan, as goods to the hinterland would now be transported by rail directly from the Apapa port Quayside straight to the Inland Container Depot located in Ibadan from where it can be distributed to other parts of the country.
‘‘In clear recognition of the challenges posed to our economic growth by absence of strong and effective infrastructure, we have in the rail sector, further to other ongoing railway infrastructure projects, embarked on the completion of the outstanding segment of the Lagos – Kano railway, which is Ibadan – Kano.
‘‘The Lagos – Kano railway project when completed will link the Kano – Maradi line at Kano and a rail link from the Nigeria southern ports of Lagos to Maradi in Niger Republic will be achieved.
‘‘The connection through rail would position Nigerian ports as the choice for import and export business of the people of landlocked Niger Republic.
‘‘This would be beneficial to the economy through employment from new business opportunities and wealth creation.’’
The President expressed delight that his directive to the Federal Ministry of Transportation and Ministry of Finance on reaching financial agreements with appropriate co-financiers to partner with the Federal Government for the development of the Ibadan – Kano railway was yielding results.
He noted that Ibadan-Kano project would have a connection to the Tin Can Island port as well as the West – East Coastal rail line from Lagos to Calabar linking Onitsha, Benin, Warri, Yenagoa, Port Harcourt, Aba and Uyo.
‘‘From the beginning of this administration, railway infrastructure development has been given the priority it deserves and various milestones have been reached, right from when the Abuja – Kaduna railway was flagged-off for commercial operation in 2016 to this Lagos – Ibadan railway project being commissioned today for full commercial operation,’’ he said.
Online Editor by — June 11, 2021 in News 0
We Won’t Condone Corruption In Oil,Gas Sector -NNPC

The Group Managing Director of Nigerian National Petroleum Corporatiin, Mallam Mele Kyari, said the corporation was championing the fight against corruption in the oil and gas Industry by emplacing measures to curb incidences of corruption across its various business portfolios and by enlisting as a partner company of the Extractive Industries Transparency Initiative (EITI).
He disclosed this In his presentation at the hearing  of the Senate Committee on Anti-Corruption and Financial Crimes,
He said the Corporation, as part of its commitment to the war against corruption, has set up processes and structures that are irreversible which would ensure transparency and accountability.
“We have created an anti-corruption desk in NNPC that engages the Economic and Financial Crimes Commission (EFCC) and other anti-corruption agencies on a regular basis. The desk ensures that in all our operations, every staff complies to the code of conduct procedures with consequence management. We have established regulatory compliant governance charter and transparency policy, this is a mark of our compliance to the anti-corruption strategy,” Mallam Kyari informed.
The NNPC helmsman maintained that the Corporation has automated its business operations thereby reducing opportunity for discretion to the barest minimum as part of measures to promote institutional framework for entrenching the culture of transparency in its operations.
The GMD disclosed that the Corporation, on its own, has reported several incidences of infractions such as products diversion and crude oil theft to the police, the EFCC and other investigating agencies of the Federal Government to stem corruption within the Oil and Gas Industry.
“For the first time in 43 years, NNPC, as a part of the evolving culture of transparency and accountability, published its Audited Financial Statements for 2018 and 2019. We are going to publish that of the 2020. The AFS is the only document that tells how a company does its transaction. We are happy that by the time the 2020 AFS will be published, Nigerians will see the dividends of our accountability. Mr. Chairman, no National Oil Company does what we are doing today,” Mallam Kyari enthused.
He said the Corporation, in collaboration with security agencies, has reduced the incidences of pipeline vandalism to four per cent across the country, but decried the rise in smuggling of petroleum products which he said has become a national challenge that must be addressed urgently to stem the huge loss to the nation.
Online Editor by — June 11, 2021 in Oil&Gas 0
CBN Begins Digital Currency Next Year

The Director-Information Technology Department, Central Bank of Nigeria, Mrs Rakiyat Mohammed, has said that the banking regulator will launch a digital currency before the end of 2021.
She  disclosed this during a press briefing on the Bankers’ Committee meeting in Abuja.
“As I said 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 be able to provide this kind of currency to its populace,” she said.
She said about 80 per cent of central banks in the world were exploring the possibility of issuing central bank digital currency and Nigeria could not be left behind.
For over two years now, she added, the CBN had been been exploring technology and had made tremendous progress.
Explaining what the Central Bank digital currency would be, she said there were currently two forms of money in the country.
She added, “We have in two forms in Nigeria as of now, there are the notes and there are the coins.
“So the Central Bank currency is to be the third form of money which means just as we have electronic money, digital money is not new in Nigeria.
“Just as we are about the third or fifth in the whole world as far as advancement in the use of digital money is concerned.
“So this is going to compliment the coins and cash that we have.
“The Central Bank digital currency will just be as good as you having cash in your pocket and even as you have the cash in your pocket, you are going to have the cash on your phone.”
She said the Central Bank was looking at different use cases such as remittances.
The director said, “We all know how money has to travel for someone to send money from Nigeria to abroad and it is a huge money in Africa.
“We also know that recent report by EfiNA was that our target was to achieve 80 per cent financial inclusion. We are about 60 per cent and at the rate at which we are going, we are not going to meet this target.
“Central Bank digital currency will accelerate our ability to meet this target.”
Online Editor by — June 11, 2021 in Banking&Finance 0
 ITF Plans  Mass Production Of Android Smart Phone 

ITF to mass produce Nigerian made mobile phones – Voice of Nigeria
The Industrial Training Fund (ITF), says  it would soon begin mass production of its android smart phone,preparatory for its introduction into the market.
The Director-General/Chief Executive Officer of the Industrial Training Fund (ITF), Sir Joseph Ari, stated this after the formal presentation of the ITF Mobile Android GSM smart phone to President Muhammadu Buhari at the Presidential Villa, Abuja, on Thursday.
He said: “Plans are at an advanced stage to ensure commencement of the mass production of the smart phone, making it available and affordable, which in turn will expand the GSM phone market and create more jobs in the process.
“We are presently putting processes in place with the relevant regulatory agencies towards quality assurance, legal framework and intellectual rights amongst others.
“Our vision is to create a mass production hub that will churn out products that will be available to all Nigerians”, he said.
According to him,the ITF mobile phone, which was comparable in quality to any other brand of Android Phone in the world, was assembled by the ITF Model Skills Training Centre (MSTC), Abuja, as part of the implementation of the vision of the incumbent management of the ITF with particular emphasis on research and development.
 “The ITF Mobile Phone was produced with 100 percent locally sourced material. And for me, this breakthrough is proof that given the enabling environment and opportunities, Nigerians will unleash their creative potentials”, he said.
Commending the administration of President Muhammadu Buhari for its policies of encouragement of innovation and creativity and for its initiatives that gave birth to this breakthrough, he appealed for increased funding for the ITF to ensure full actualisation of its mandate.
Online Editor by — June 11, 2021 in IT&Telecoms 0
FIRS Rules Out No Tax Waivers For  Local, Foreign Investors 

We are have no powers to grant tax waivers to local, foreign investors—FIRS BOSS - Vanguard News
The Executive Chairman, Federal Inland Revenue Service (FIRS),  Muhammad Nami,
has disclosed that the Service did not grant any tax waivers to any local or foreign investors in the country as the FIRS Act did not empower it to grant such tax breaks.
Mr Nami disclosed on Friday in Abuja during his appearance before the House of Representatives’ Public Accounts Committee investigating alleged tax waivers granted to three foreign firms operating in the country.
According to a statement by Abdullahi Ismaila Ahmad, Director, Communications and Liaison Department, said the firms are Indorama Petrochemical, Indorama Fertilizer and Petrochemical Ltd and OIS Indorama Eleme Port-Harcourt
 He  said: “The FIRS does not have the power or responsibility of facilitating or implementing incentives for local investors or investors coming through the Foreign Direct Investment platform, which is the sole prerogative of the Nigerian Investment Promotion Commission (NIPC)”.
 Nami pointed out that “the investigation of the three foreign firms, Indorama Petrochemical, Indorama Fertilizer and Petrochemical Ltd and OIS Indorama Eleme Port-Harcourt, started way back in 2015. The committee in charge of the investigation has consistently been furnished with all required documents by the FIRS”.  He further stated that the companies under consideration “have been variously granted pioneer status between December 15th, 1997 to 2016 for the Indorama Petrochemical Ltd and between 2017 – 2020 for the Indorama Fertilizer and Chemicals Ltd respectively”. According to him “upon expiration of the pioneer period and conclusion of post pioneer Audit, the Indorama Petrochemical Ltd company’s tax file was returned to the Large Tax Office (LTO) Port Harcourt. Thus far, the company has filed its annual returns up to 31st December 2019 with relevant Self-Assessment and paid its attendant liabilities”.
He pleaded with the Public Accounts Committee “to always avail itself of the opportunity to work closely with the custodians of FIRS records, such as the Coordinating Directors, Directors and Tax Controllers as do other House Committees like the Committee on Finance, to enhance its investigation at any time.”
Recall that the House of Representatives Committee on Public Accounts had written a letter of invitation dated 27th May 2021 to the Executive Chairman of the FIRS to appear at its public hearing slated for 9 June 2021 on alleged revenue leakages involving the three foreign firms. However, the FIRS Executive Chairman could not honour the Committee’s summons on that date due to other pressing engagements which included Board meetings.
Appearing in person on the rescheduled date, Nami noted with satisfaction the cordial relationship between the FIRS and the legislators since he assumed office in December 2019.
 He reiterated  that “the mandate of the FIRS is to assess, collect and account for tax revenue.” This mandate, he stressed, “is clear and unambiguous.”
He advocated the need   Mr Nami for a continuous cordial working relationship between the National Assembly and the FIRS
He assured that the FIRS under his watch “is very keen on collaborating with the members of the Committee and other critical stakeholders in the National Assembly on the automatic exchange of Information on tax evasion, tax avoidance and other related issues.”
  Nami said that he remained focused on the task of revenue collection which the Federal Government had assigned him to undertake.
Online Editor by — June 11, 2021 in News 0