All Posts in "Month: June 2022"

ECOWAS Gets $2m Grant To Boost Electricity Reforms

The Board of Directors of the African Development Fund has given technical assistance grant of $2 million to fund research that will contribute to electricity reforms in the Economic Community of West African States (ECOWAS).

The grant from the African Development Fund — the concessional window of the African Development Bank Group will go to the ECOWAS Regional Electricity Regulatory Authority.

The ultimate objective is to stimulate cross-border electricity trade and improve energy access in the 15 countries in the region,according to a statement.

The project has five components. The first involves selecting electricity regulatory principles and key performance indicators from the African Development Bank’s flagship Electricity Regulatory Index for Africa report, to be adopted by the ECOWAS Regional Electricity Regulatory Authority.

As part of this component, the project will build capacity in member countries for collecting and reporting on these indicators on a common platform.

The second component will involve conducting a study in order to update a comparative analysis of electricity tariffs and their underlying drivers across the electricity value chain of ECOWAS.

The third involves developing a centralized database management system that will provide a platform for digitally collecting relevant energy information from member countries, storing, and disseminating them on a common digital platform.

The fourth component will assess and identify project bottlenecks and risks in ECOWAS member countries and recommend a coherent approach to progressively address ground-level barriers to investment in the power sector in pre- and post-establishment phases of the regional electricity market.

The final component focuses on program management and capacity building, which will be co-financed with the Regional Electricity Regulatory Authority. All components of the project will include gender-disaggregated data.

“Ultimately, this project will facilitate regional electricity trade and help improve access to electricity,” said Solomon Sarpong, project team leader at the African Development Bank. “It will address major causes of fragility, such as infrastructure bottlenecks, youth unemployment, environmental challenges, gender inequalities, and regional development imbalances.”

admin by — June 30, 2022 in Power 0
Reps To Probe Nigeria’s Fuel Subsidy Utilization

 

The House of Representatives will carry out an investigation into the utilization of funds released for fuel subsidy by the Buhari administration from to 2017 to 2021.

It has therefore set up an Ad-hoc Committee to investigate the Petroleum Products Subsidy regime from 2017 to 2021 and report back to it within eight weeks for further legislative action.

The development was sequel to the adoption of a motion on notice on the ‘Need to Investigate the Petroleum Products Subsidy Regime in Nigeria from 2017 to 2021,’ brought by Hon. Sergius Ogun PDP, Edo).

In his presentation,the lawmaker noted that “section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria (As Amended) empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly.”

“Section 32 of the Petroleum Industry Act, 2021 saddles the Petroleum Midstream and Downstream Regulatory Authority with the task of regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria.As of 2002, the NNPC’s purchase of crude oil at international market prices stood at 445,000 barrels per day in order to enable it to provide petroleum products for local consumption.

“As of 2002, the installed capacity of Nigeria’s local refineries stood at 445,000 barrels per day, however, their capacity utilization began to nosedive and eventually fell completely to zero due to the ineffectiveness and alleged corruption of critical stakeholders in the value chain.Due to the decline in the production capacity of the refineries, NNPC found it more convenient to export domestic crude in exchange for petroleum products on trade by barter basis described as Direct Sales Direct Purchase (DSDP) arrangement.

“Component costs in the petroleum products subsidy value chain claimed by the NNPC is highly over-bloated while the transfer pump price per litre used by the NNPC in relation to PPMC is underquoted as N123-N128 instead of N162-N165 and this fraudulent under-reporting of N37-N39 per litre translates into over 70 billion naira a month or 840 billion naira a year.The consumption rate of Petroleum Motor Spirit (PMS) is 40million to 45million litres per day, however, the NNPC uses 65 million to 100 million litres per day to determine subsidy as discoverable from NNPC’s monthly reports to the Federal Allocation Committee (FAAC).

He observed that t he subsidy regime has been unscrupulously used by the NNPC and other critical stakeholders to subvert the nation’s crude oil revenue to the tune of over 10 billion US dollars, with records showing that as at 2021, over 7 billion US dollars in over 120 million barrels have been so diverted.

He added:”There exists evidence that subsidy amounts are being duplicated, thus subsidy is charged against petroleum products sales in the books of NNPC as well as against crude oil revenue in the books of NAPIMS to the tune of over N2 trillion”.

admin by — June 30, 2022 in News 0
Ogun Woos More Investors

The Ogun State government has reassured investors of creating enabling environment for their investments .

Mrs. Kikelomo Longe, Commissioner for Industry, Trade and Investment, Ogun State,who gave the assurance during her tour of Africa GB Foods, Sango and Hayat Kimya Nigeria Limited,said the current administration has been deliberate in its efforts at helping businesses in the state to grow.

She added that various reforms have been initiated while the government has been providing relevant infrastructure including the construction and rehabilitation of over 400 kilometers of road network cutting across the 20 Local Government Areas of the State, provision of affordable housing and an Agro-cargo airport currently under construction.

She noted that through the reforms introduced by the present administration, Business Premises Permit registration has been automated with the launch of businesspermit.ogunstate.gov.ng and land administration has been digitalised through the introduction of the Ogun State Land Administration and Revenue Management System (OLARMS) .

These reforms,she said, have eased the process of starting and expanding businesses in the state.

She added:”I want to assure you that His Excellency, Governor Dapo Abiodun, is committed to supporting industries like yours so that you can continue to do well and even invest more.Our goal is to make Ogun State an attractive destination for investors, employees and other residents. We want the State to be attractive to live, work and play.” The Commissioner said.

admin by — June 30, 2022 in News 0
Court Halts Impeachment Moves Against Makinde’s Deputy

The Oyo State High Court Presided over by Justice Oladiran Akintola, has restrained the House of Assembly from further impeachment process against the deputy governor, Engr Raufu Olaniyan.

He ruled that the State Assembly should stop any removal process they intend to initiate until the court decides.

The Assembly is billed to read Olaniyan’s reply to their allegation this morning but has place hold on further process regarding the impeachment.

The court adjourned the matter till Tuesday, July 5 2022 for continuation of hearing.

The adjournment was to allow the Assembly to file its reply to that of Olaniyan at the Court.

admin by — June 30, 2022 in News 0
FG Promises Enabling Environment For Marginal Oil Fields Awardees

=The Federal Government has implored the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to provide necessary support for the new owners of 57 fields under
the 2020 marginal field bid round in the country.

This will ease and facilitate seamless upstream petroleum operations in line with the objectives and provisions of the Petroleum Industry Act,Minister of State for Petroleum Resources, Chief Timipre Sylva,has said.

He spoke at the Petroleum Prospecting License (PPL) issuance ceremony for the 2020 marginal field bid round in Abuja,where he also said the Commission will support any aspiration for upstream development with midstream facilities integration towards maximizing the value chain.

He said:”It is envisaged that robust collaboration between the awardees and the Commission will lead to better understanding of the challenges being encountered. Therefore, I encourage you to promptly reach out to the Commission for guidance and support including mediations when challenges arise.

“The onboarding of new oil and gas players in the petroleum sector is part of this government’s policy to encourage more indigenous participation in our petroleum operations. Indeed, this will boost activities in the oil and gas sector, add to our production output, and create additional employment opportunities for Nigerians”.

He urged new awardees to note that their assets will be fully governed by the provisions of the PIA 2021.

He noted that the fiscal provisions in the PIA ranks among the best globally, and urged the awardees to seize the opportunities to quickly develop their fields and enjoy the full benefits in the PIA.

“It is my strong belief that the awardees would take advantage of the current attractive oil prices to bring these fields into full production within a short period in line with President Muhammadu Buhari’s aspiration to increase production, grow reserves and reduce cost of production” he added.

admin by — June 29, 2022 in Oil&Gas 0
NAICOM Liquidates Niger Insurance,Standard Assurance

The National Insurance Commission (NAICOM), has withdrawn the operational certificates of Niger Insurance Plc and the Standard Assurance Plc.

The commission has appointed a receivers to oversee the the liquidation of the two former composite insurers, a statement from.’Rasaaq ‘Salami,Head, Corporate Communications and Market Development on behalf of Sunday Thomas, Commissioner For Insurance, NAICOM,said on Tuesday.

The commission assured stakeholders of the safety and protection of their interest.

The statement reads: “This is to notify all insurance stakeholders and members of the public that the National Insurance Commission, NAICOM has cancelled the certificates of registration of Standard Alliance Insurance Plc, RIC – 091 and Niger Insurance Plc, RIC – 029 with effect from the 21st day of June, 2022.

“Consequently, the Commission has appointed Sanya, Ogunkuade Esq of Plot 217, Upper Grace Plaza, 3rd Floor (Left Wing), Shetima Munguno Crescent, Behind Julius Berger Equipment Yard, Utako, Abuja as the Receiver/Liquidator for Niger Insurance Plc and, Kehinde Aina Esq of Aina Blankson LP, 5/7, Ademola Street, SW Ikoyi, Lagos as the Receiver/Liquidator for Standard Alliance Insurance Plc.

“All stakeholders are advised to forward their enquiries to the respective Receiver/Liquidator for each company for their necessary action.

admin by — June 28, 2022 in Business 0
Group Mobilises Varsity Lecturers, Students To Stop Strike

A group under the Save Public Education Campaign has implored University lecturers, students and parents across the country to gear up for mass actions against the ongoing strike action embarked upon by the Academic Staff Union of Universities ( ASUU ).

The group explained that the protest is aimed at compelling the Nigerian government to take necessary steps to end the industrial action.

Speaking at a press conference on Monday in Abuja on behalf of the group the Co conveners , Comrade Vivian Bello and Comrade Dimeji Macaulay,criticized President Muhammadu Buhari led government for wasting humongous amount of money and resources on political parties’ Nomination forms and Primaries as priorities while relegating issue of education and future of Nigerian children to the background.

She described the action of government toward the plight of the lecturers which bordered on issues of poor welfare as ridiculous, absurd and unacceptable.

She lamented the time lost by the students in public universities across the country which she said amounted to entire two and half years.

She said: ” Distressing statistics show, that the Academic Staff Union of Universities, ASUU has been on strike for a total of over 725 days, since the beginning of this administration over issues that bother largely on poor welfare, University Autonomy and lack of adequate funding for Universities. When tallied inversely, this amounts to an entire two and half years lost, in the educational lives of innocent Nigerian Children/Students in public Universities across the Country.

” It did not end there; The Academic Staff Union of Polytechnics, and Colleges of Education, ASUP and COEASU are all also currently on strike on similar issues as ASUU. We all can see clearly, that this is an all-round collapse of the Tertiary Education in the Country.

“We make bold to say, that if government will recognize the futility in its so-called insecurity-fighting campaign, change strategy and invest a greater proportion of the resources it is expending in the insecurity campaign in providing robust, efficient and quality educational system and structure and qualitatively educate its teeming citizenry, within a calculated period of time, insecurity will gradually die a natural death in Nigeria and the society will take on its hitherto regular and peaceful equilibrium.

In order words, we submit boldly that, education can be a veritable panacea to insecurity in Nigeria.

” In view of the gravity of the situation, we make a clarion call for unity and coming together of staff unions, students, workers and communities across the Country, to mobilize and get ready for civic mass actions to compel the government to take the necessary steps to end the strike and have the millions of our children and students, return to school to end the jeopardy of their Education and future ”

Macaulay faulted unpopular policies of Buhari’s led government
in education sector which he said had affected public universities and tertiary institutions across the country.

He implored government to discontinue with the IPPIS platform adding that evidence by the striking academic unions showed that is the platform is problematic, inconsistent and fraudulent.

Macaulay called for immediate payment of all withheld salaries of the striking academic lecturers and unions.

admin by — June 28, 2022 in News 0
FG Promises To Strengthen SEC

The Federal Government has said it would strengthen the Securities and Exchange Commission to reposition the Nigeria’s capital market to be at par with its peers globally.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made the commitment in Abuja,when she received the Revised Nigerian Capital Market Master Plan (2021-2025).

The plan was submitted to the Minister by the Capital Market Master Plan Implementation Council led Director-General of SEC, Lamido Yuguda and other top officials of the Commission .

Speaking,the minister said the review of the Capital Market Masterplan underscores the fact that capital market growth resonates with the current administration’s unwavering commitment to deepening and re-positioning the country’s financial markets as a key anchor to achieving a private sector led development of the economy as encapsulated in the National Development Plan objectives.

She said her ministry of finance has supported the Capital Market Master Plan implementation efforts since inception, adding that the Master Plan, represents the collective aspirations of the capital market community which is focused on driving initiatives geared towards growing and deepening the market.

She said this initiatives are being implemented with the ultimate goal of accelerating the emergence of Nigeria as a top 20 global economy by the year 2025.

She commended the Securities and Exchange Commission, Capital Market Masterplan Implementation Committee and other stakeholders for the laudable accomplishments so far recorded in the Master Plan implementation journey especially in the areas of dematerialization of share certificates, e- Dividend mandate, facilitation of access to alternative investments like Sukuk and Specialized Funds, review of CAMA and ongoing review of the ISA, demutualization of the Nigeria Stock Exchange, enhancing the commodities eco-system, design of a National Savings Strategy among others.

She added:“Our capital market is growing and evolving. To sustain this growth and eventually transform to a world class capital market, transparency and investor confidence is key.Investor confidence will accelerate the growth of our market and increase both domestic and foreign investor participation. To this end, we will continue to support and strengthen the regulator to effectively do its job of regulating and developing the capital market.

“I see the capital market as an important driver of our economic growth objectives and we will continue to support efforts to position our market where it deserves to be – a capital market that will broaden access to economic prosperity by enabling the emergence of financially responsible citizens, accelerate wealth creation and wealth distribution, provide capital to small and medium scale enterprises, and catalyze housing finance.

“As you chart the course for the next phase of the Capital Market Master Plan’s implementation, I assure you of this administration’s support and look forward to working with you and other stakeholders in the financial market to realize the plan’s outcomes.”

In his remarks,the SEC DG,said through the implementation of the 10-year Nigeria Capital Market Master Plan (2015 – 2025), the Commission and other stakeholders have recorded significant milestones over the years.

Yuguda listed some of them to include full dematerialization of certificates, direct cash settlement, recapitalization of CMOs, E-Dividend Mandate Management System, National Savings Strategy to grow domestic risk capital formation, the Roadmap on Enhancing Commodities Trading Ecosystem, Establishment of the West African Securities Regulators Association (WASRA) to encourage integration of capital markets in West Africa, among others.

Yuguda said the Master Plan document recommends a periodic review of the assumptions, goals and objectives of the Plan to better align it with current realities and innovations in the global financial system.

As part of the review, he said the Commission embarked on a comprehensive review of the Plan, driven by PriceWaterHouseCoopers with funding support from Financial Sector Deepening Africa (FSDA).

The main objective of reviewing the Master Plan, he noted, is to produce an updated version of the document primarily to engage stakeholders on the current level of market development and opportunities for further capital growth; review and update the assumptions and vision of the CMMP and develop targets for the various thematic areas of the CMMP.

Other objectives of the review are to introduce a Strategy Map and Key Performance Indicators for the CMMP and use the Balanced Scorecard Approach for performance measurement; align existing and derive new initiatives based on targets and strategic objectives; develop an implementation plan for initiatives with clear milestones, deliverables, timelines, resource requirements, dependencies, and identify challenges, opportunities and risks associated with the CMMP implementation and recommend ways of effective and more efficient implementation.

He said:“The comprehensive review of the Master Plan is now complete and a Revised Capital Market Master Plan has been produced.The revised Plan has incorporated the views and aspirations of stakeholders in our market as well as best practices globally to produce a well-articulated strategic plan for the next four years.

“The revised Capital Market Master Plan is designed to chart the strategic position and future direction of the capital markets, while providing both the SEC and market participants clarity on the vision of the capital market and the road map required to facilitate a conducive business environment to encourage innovation, investment, growth and expansion of economic and employment opportunities in our country.

admin by — June 28, 2022 in Regulators 0
Customs Intercepts  Trucks  Loaded With Smuggled Rice In Ogun

The Ogun State 1 Area Command of The Nigeria Customs Service, NCS, has impounded two long trucks belonging to Dangote Cemtent Factory, Ibese, Ogun State, fully loaded with bags of smuggled foreign rice.

The Command’s Compttoller, Bamidele Makinde, while addressing newsmen at the Idi-Iroko border said most of owners of the trucks might be on franchisees of the factory.

Makinde said that each of the two trucks were conveying 882 bags of 50kg foreign parboiled rice along Abeokuta axis when his officers stopped them.

He said between the month of May and June 27, he said, a total of 8,417 bag of rice, valued at N131,145,277, were seized by the NCS in Ogun.

He disclosed that the command generated a total sum of NI2, 818,181 from importation and auction sales of petrol intercepted at diferent locations and exit points to the Republic of Benin during its anti-smuggling operations.

Besides, a truck load of about 320 cartons (23, 400 pairs) of imported foot wears with an estimated duty paid value of N764,974,800 was also intercepted by the command.

Also, a tanker containing 45,000 litres of adulterated diesel was also impounded from a suspected bunkerer.

It was said that illicit drugs and narcotics worth N221, 820, 820 were intercepted by the command within the period under review.

“The cumulative estimated Duty Paid Value (DPV) of all the seizures between the month of May and June, 2022 amounts to One Billion, Two Hundred and Ninety Million, One Hundred and Eight Thousand, Six Hundred and Eight Naira, Zero Kobo only (N1,290,108,608.00),” Makinde said.

admin by — June 28, 2022 in Business 0
Rights Abuse: Pregnant Woman, Six Others Sue EFCC

A pregnant woman and six other persons have sued the Economic and Financial Crimes Commission(EFCC) and one Michael Nzekwe on account of alleged infringement on their fundamental rights.

The applicants had dragged the Commission  and Nzekwe before a Kwara State High Court over their arrest and continuous detention on the instruction of the Respondents by the agents or privies of the 1st and 2nd respondents at the 1st respondent’s custody.

The applicants are:  Abiola Morupe Rachael, Abiola Bisola Titilayo, Abiola Mary, Ibrahim Funbi,Ibrahim Dele, Ibrahim Adewale and  Damilola Ojo.

They alleged that the EFCC had arrested them because they  engaged in vote-buying in Ekiti State during the just concluded governorship election.

They averred that the action of the respondents who refused to take them to court or release them on administrative bail is unlawful and amount to violation of the applicant’s fundamental rights to personal liberty.

In a suit filed before the court by their counsel, Y.A Alajo,  L.O Bello, Olawale Ogundele and  S.T Yahaya, the applicants are seeking  a  declaration that the arrest of the Applicants at Ereguru Street of Ado-Ekiti, Ekiti State and subsequent detention of the Applicants on the instruction of the Respondents by the agents or privies of the 1st and 2nd Respondents at the 1st Respondent’s custody within the radius of forty (40) kilometers of a Court of competent jurisdiction since 18th June, 2022 up-to-date and for more than one or two days without taking them to court or releasing them on administrative bail is unlawful, unconstitutional and constitutes flagrant violation of the Applicants’ right to personal liberty.

They are also  seeking an order of mandatory injunction compelling the respondents, jointly to release the applicants unconditionally or charge the applicants in court, forthwith, for the alleged electoral offence(s) for which they were arrested.

They also prayed  order of mandatory injunction compelling the Respondents, jointly and severally to write an unalloyed and unmitigated letter of apology to the Applicants as required under the 1999 Constitution of the Federal Republic of Nigeria as amended for violation of his fundamental human rights and to publish same in not less than two national dailies and on the internet.

They are also seeking a sum of one hundred million naira (100,000,000,00) jointly and severally against the respondents as general, exemplary and aggravated damages or compensation to assuage the feelings of the Applicants for the violation of their fundamental human rights to personal liberty.

admin by — June 28, 2022 in Law/Human Rights 0