All Posts in "Day: March 5, 2022"

2023:TOTT, Groups  Endorse Osinbajo

A political group, The Osinbajo Think Tank, (TOTT) has endorsed Vice President, Prof. Yemi Osinbajo, as possible replacement for President Muhammadu Buhari as Nigerian president.
The group through its co-convener, Olugbenga Olaoye said this during an event in Uyo tagged ‘The Uyo Declaration’, where different political groups, under the aegis of The New Tribe converged to endorse Prof. Yemi Osinbajo for the top job
According to him,Prof. Osinbajo meets all criteria needed to drive a new Nigeria, saying TOTT is a representation of varied interests in the corporate space, who came together to promote the candidacy of Yemi Osinbajo.
Olaoye said TOTT and over one-hundred other groups are in Uyo to declare their endorsement for Osinbajo’s candidacy, whom he described as a global phenomenon and a highly respected economist.
He added that Professor Osinbajo has proven that he has a sound understanding of macroeconomic, fiscal, governance, sectoral and policy issues to drive faster pace development for Nigeria.
He said  Osinbajo is the candidate to beat, whose personae, charisma, grit is needed by Nigerians at this crucial time.
He added that Nigeria needs a faster-paced development to deal with massive poverty, unemployment and insecurity, saying that the Vice President will make this happen fast for Nigeria, bringing in his vast experience.
He emphasized that Osinbajo is known for his transparency, adding that he is a person of impeccable integrity.
“At TOTT, we came together to promote the candidacy of Prof. Yemi Osinbajo. I will refer to him as Mr. Capable. He is the only one that can turn around the fortune of this  nation. A lot of things are happening now, and we need somebody with the grit, the personality, the charisma that can turn things around.
“Osinbajo has been there and he has seen a lot in the government circle. He has the experience, he knows the law and he understands the economy and international jurisprudence. If we give this man the chance to lead us, in the next dispensation, Nigeria will be great again.
“He is a de-tribalized Nigerian. He is much loved and trusted in the North, where his duty as the Vice President has taken him to, many times. Prof. Yemi Osinbajo has bold and innovative ideas on solving the challenges facing the country. He definitely will improve security in the country”.
He added  that Osinbajo will manage Nigeria’s multi-lingual, cultural and religious diversity very well.
He said that Osinbajo has proven to all that he has a vast experience in managing cultural, ethnic and religious diversity.
Main Admin by — March 5, 2022 in Politics 0
NNPC Records 353% Increase in Trading Surplus

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a trading surplus of ₦37.50billion for the month of September 2021 representing a 352% increase from the ₦8.29billion surplus in August 2021.
Details of the figures contained in the September 2021 NNPC Monthly Financial and Operations Report (MFOR) indicate that the rise in trading surplus was largely due to the increased earnings of NNPC’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).
Thus in September 2021, NNPC Group’s operating revenue as compared to August 2021, reduced by 29.87% or N191.90billion to stand at N450.45billion.
Besides,expenditure for the month decreased by 34.87% or N221.11billion to stand at N412.92billion.
Expenditure as a proportion of revenue in the month under review stood at 0.92%, compared to last month’s 0.99%.
The report also shows a total Crude Oil and Gas export receipt of $348.63million in September 2021 as against $224.29million in August 2021.
Receipts from Crude Oil amounted to $8.38million while Gas and miscellaneous receipts stood at $55.25million and $285.00million respectively.
Total Crude Oil and Gas export receipt for the period of September 2020 to September 2021 stood at $2.03billion
To ensure uninterrupted supply and effective distribution of petrol across the country, a total of 1.39billionn litres translating to 46.31million litres/day was supplied for the month of September 2021.
For the month under review, 21 pipeline points were vandalized, same as recorded in August 2021. Port Harcourt area accounted for 5%, while Mosimi Area accounted for 95% of the vandalized points.
In the gas sector, a total of 208.35billion cubic feet (bcf) of natural gas was produced in the month of September 2021, translating to an average daily production of 6,945.15million standard cubic feet per day (mmscfd).
For the period of September 2020 to September 2021, a total of 2,862.36bcf of gas was produced representing an average daily production of 7,250.16mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 57.51%, 21.20% and 21.29% respectively to the total national gas production.
Of the 204.73bcf of gas supplied in September 2021, a total of 129.74bcf was commercialized, consisting of 33.18bcf and 96.51bcf for the domestic and export markets respectively.
This translates to an average total supply of 1,106.00mmscfd of gas to the domestic market and 3,218.57mmscfd to the export market for the month.
Main Admin by — March 5, 2022 in Oil&Gas 0
Diaspora Voting Council Faults Disenfranchisement Of Nigerians Abroad 

The Nigeria Diaspora Voting Council (NDVC), have decried what it described as the disenfranchisement of Nigerians in the Diaspora, by the recent Constitutional Amendment Review Session by both chambers of the National Assembly.
The council, while conveying the message in a statement signed by its secretary, Tolu Oluwatuyi Esq, expressed regrets that the Diaspora Voting Bill was voted down by Nigeria’s upper and lower legislative houses on March 1, 2022.
“I am sorry to inform fellow Nigerians in the Diaspora that the Nigeria Diaspora Voting Bill was voted down by Nigeria’s upper and lower legislative houses on March 1st, 2022 at the Constitutional Amendment Review Session (third reading) that held at the National Assembly Complex, Abuja, Nigeria”.
“A Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to Provide for Diaspora Voting; and for Related Matters”
Senate (Upper Chamber):  Yes = 29.
No = 62.
House of Reps (Lower Chamber):  Yes = 58.
No = 240.
“This is a setback given the quantum of work and resources expended to date by the Council and several Diaspora groups. A setback often moves us to a road that is even worse but leads to an even better destination. According to Winston Churchill, Courage is going from failure to failure without losing enthusiasm”, it read further.
The Council however reassured Diasporans that NDVC is more determined to succeed than give up the advocacy for Diaspora Voting (DV) in Nigeria.
“NDVC will not relent in its efforts at spreading the gospel of its advocacy until the goal is achieved. Going forward, NDVC will release a timeline of activities in due course.”
“Given the renewed determination, the board of NDVC has decided to double-up on its efforts, bring onboard more recognised and influential Diaspora groups that will add value to the advocacy including State Diaspora Focal point officers, widen and intensify the scope of diplomacy, review the provisions of the existing Diaspora Voting Bill with the assistance of NIDCOM, INEC and NASS and re-strategise going forward”.
The Council thanked the Chairman, House of Reps Committee on Diaspora, Rep. Tolulope Akande-Sadipe and her team, for her patriotism, dedication and commitment to the DV advocacy.
“If there is anyone that deserves all the accolades, it is no other person than the National Assembly Sponsor of the Nigeria Diaspora Voting Bill, Hon. (Mrs) Tolulope Akande-Sadipe, House Committee Chairperson on Diaspora and Electoral Matters. Hon. (Mrs) Akande-Sadipe worked relentlessly with her ever untiring team led by Mrs Omoshalewa to ensure that the DV Bill saw the light of the day. NDVC cannot thank her enough for the many travels she embarked on during the zonal public hearings, risking her life, just in a bid to ensure that the Diaspora Voting Bill was a success”.
NDVC also appreciated various major stakeholders who have equally been in the constant advocacy for the materialisation of the DV Bill, including the Nigerians in Diaspora Commission (NiDCOM); the Independent National Electoral Commission (INEC) under the chairmanship of Prof Mahmood Yakubu, for the technical know-how support and willingness to help thus far; the Nigerians in Diaspora Organisation (NIDO) and other Diaspora groups and persons for their unflinching support and commitment.
Main Admin by — March 5, 2022 in Politics 0
CBN  Considers Fresh Funding  For Lagos Free Zone 

Governor, Central Bank of Nigeria (CBN), Godwin Emefiele said the bank is ready to give more financial support to the Lagos Free Zone after already committing up to N100 billion in to the project.
 He announced this in Lagos on Saturday after a tour of the 850 hectares project which is meant to turn around the economic of the country.
He said the CBN offered the N100 billion through its Differentiated Cash Reserves Requirement (DCRR) Regime.
He  added:”We are ready to provide Naira and Dollars funding to assist you. I will advise that you do Naira loan because it is cheaper since you will spend the money here. We will continue to support businesses that have the potential to create more jobs for  Nigerians”.
The DCRR is a regime where deposit money banks interested in providing credit financing to greenfield (new projects) or brownfield (new/expansion projects) in the real sector (Agricuture/Manufacturing) may request for the release of their funds from their Cash Reserve Ratio (CRR) to finance the projects subject to the banks providing evidence that the funds shall be channeled towards projects approved by the CBN.
He spoke on the Lekki Deep Sea Port which is part of the Lagos Trade Zone projects, saying  he will be glad to see the port act at the hub for Nigeria’s export drive.
“I believe with the port, we will see ease in exportation. Goods will be exported  through the port and we will make forex available to manufacturers”.
Main Admin by — March 5, 2022 in Banking&Finance 0