All Posts in "Day: October 24, 2022"

Flood Worsens Because State Governments Ignored Our Warnings -NiMET

The Nigerian Meteorological Agency (NiMET) has said that its forecasts on flooding were ignored by most state governments in the country.

Prof. Mansur Matazu, the Director-General of NiMET stated these on Monday in Lagos during the commencement of the two days ‘Needs Assessment Workshop for Stakeholders in the Maritime, Oil and Gas Sector.

He was represented at the occasion by Engr. Mailadi Abba, the Director, Weather Forecasting Services, NiMET.

He stated that the agency had issued early warning on the possibility of floods across most states of the country before the commencement of the rainfall, but lamented that the warnings were disregarded by most stakeholders.

He maintained that if the warnings had been adhered to, the level of havoc caused would have reduced, while the losses would also be curbed.

He declared that NiMET weather predictions are almost perfect and called on all stakeholders and state governments to always endeavour to adhere to its warnings.

He said its accurate weather predictions in the aviation industry have helped to drastically reduce the rate of air accidents attributed to weather issues.

According to him,the same safety heights recorded in the aviation sector, NiMET intended to replicate such in the maritime sector, stressing that this could be achieved through partnerships with stakeholders in the industry.

He added:“We gave the warnings and weather for each state, but whether the states adhered to it or not, we are now seeing the end result. Most of them did not adhere, but unfortunately it was only when the flood came that many states were now running to Mr. President cap in hand to get money.

“If they had listened to us, some of these things would have been avoided. We asked them to invite us and gather their stakeholders to allow us to train them on the use of the information and engage with them so that we can have a window by which we can interact with them; giving them updates, reminding them about what the forecasts say.

“But, unfortunately, they didn’t come forth to take the information to their grassroots members. It is only when the flood came that everyone is now calling for relief funds. So, our information is accurate, reliable and timely. So, I don’t think we are going to have any issue of accidents due to weather forecasts. You may have some gaps not necessarily from NiMET, but from the user itself.

“In the aviation sector, accidents due to weather are reduced If not totally eliminated. This is the kind of service that we want to deliver to the marine sector. So, our information is accurate, reliable and timely. So, I don’t think we are going to have any issue of accidents due to weather forecasts. You may have some gaps not necessarily from NiMET, but from the user itself.”

He decried the vandalism of NiMET equipment at airports and stations, especially at the Murtala Muhammed Airport (MMA), Lagos, saying that the agency was collaborating with security agencies to address the situation.

“We install our facilities so that we can get information, but some people vandalise them and we are not the security outfits at the airport. But, after the meeting with the security agencies, I think it is going to reduce,” he promised.

Speaking,Mr. Wilfred Idowu, the Technical Assistant to the Director-General, NiMET, noted that the agency had built infrastructure, acquired International certifications
and improved competency over the years.

He added that NiMET offers services to telecommunications, health, power & energy, building & construction, aviation, oil & gas, agriculture, water resources, marine & maritime, education, defence, finance and insurance among others.

admin by — October 24, 2022 in Aviation 0
CBN Strengthening Nigerian Economy Through RT 200 Policy -Emiefele

The Governor of Nigeria’s Central Bank, Godwin Emefiele has said that his bank is working outside the box to mop up foreign exchange and strengthen the Naira and by extension the economy through the RT 200 policy.

Emefiele spoke on Monday while addressing Foreign Affairs and Aviation stakeholders at a meeting with the House of Representatives Speaker, Femi Gbajabiamila.

He explained that the RT 200 is the policy focusing on the repatriation rates of non oil exports proceeds into the Nigerian economy which is almost a billion dollar in the 3rd quarter of 2022.

He added:”What is happening is a global challenge. Indeed as i speak i can say that the global outlook today is darkening due to deepening global slowdown. Today more than one third of the global economy is in recession. The global community is facing rising incidents of unemployment. Indeed most of the countries of the world are facing rising inflation. As a result of this year alone, the USA happens to raise rates almost by 3.75 percent in 2022. that has created some serious inflation pressures and depreciation on the currencies of other countries.

“From the CBN since February this year, we introduced the RT 200 programme which is that programme introduced in order to encourage repatriation of Forex proceeds from exporters of non oil export products. We are gratified that the programme is doing well. When we started it, the first six weeks in February and March, we were only able to see repatriation, we paid rebates on repatriation of about $62 million. The second quarter, we saw an astronomical improvement to $622 million in exports proceeds of non oil. For the third quarter, we have seen almost close to a billion dollars”

The CBN boss was responding to the issue of $700 million trapped funds of foreign airlines who have threatened to stop flying Nigerians routes from October 28 if nothing was done by government to resolve the backlog.

Emefiele said that contrary to IATA’s representative’s position that nothing has been done to reduce the backlog, $265 million has been earmarked for disbursement to the foreign airlines through their various banks.

“Aside from the prioritization of FX we have always accorded airlines, on the 31st of August, you spoke to me because I have to give you credit for that. That day I made a decision to use our discretion to allocate $265 million to the foreign airlines.

“We did $110 million in spot and the rest 60 days forward. On that day we allocated to IATA $32 million through UBA, Qatar Airways got $22.8 million through Standard Chartered, Emirates got $19.6 million through Access Bank, BA got $5.5m through GTB;Virgin Atlantic got $4.8 million through Zenith and so on. How then can they go about and begin to say they have not received their money? This is aside from the so-called 8 or 10 percent you say you are getting Mr Fatokun (referring to the IATA representative).

“This is extra allocation which we use our own discretion to give you and which I have told you personally that we would continue to do so as to make you guys happy so you don’t continue to blackmail this country. Out of that $120 million would be due on the 31st of October. The monies would be paid. So what else do you want me to do. I must confess there would be delay. Gentlemen, I can print Naira, even though I have been accused of printing Naira, but I cannot print dollars. We have to earn it or borrow it. All these things we are talking about boils down to reciprocity and IATA cannot shy away from that,” he said.

He also implored other foreign countries to grant landing permits to Nigerian Airlines to fly their routes so as to reduce the burden of accumulated funds going forward.

“IATA has the responsibility to get Nigerian airlines to fly on the basis of reciprocity. “…Everyone is calling on CBN, blocked funds, and I am doing everything I can to provide dollar for you to repatriate your money. How can you come here and begin to tell us that you were not a party to BASA and for that reason you are not interested in the concept of reciprocity when you know that would benefit your country and our country,” he said.

The House of Representatives Speaker, Femi Gbajabiamila,had earlier told the gathering that the issue of blocked or trapped funds of foreign airlines was giving the House a great course for concern, hence the need for the forum to find lasting solutions bearing in mind the prevailing economic imperatives.

The Speaker who also said the principle of reciprocity requires that Nigerian carriers are also allowed to fly Into countries whose airlines have a huge market in Nigeria appealed to the CBN governor to seek ways of raising Forex for the airlines, just as he agreed that allowing Nigerian Airlines operate many of the international routes will reduce the incident of trapped funds in the future.

The Minister of Aviation, Sen. Hadi Sirika told the gathering that “Nigeria under President Muhammadu Buhari has shown the capacity and audacity to stand up in difficult moments to do the right thing to help the country”.

He recalled that “in 2016 when we cam in there were about $480 million blocked in Nigeria that year we were in recession and revenues had dwindled.

He added: “We just heard the CBN Governor say we either earn or borrow it. At that moment, we had not even started borrowing. So we went to Mr President and informed him of the difficulty we were in. And he asked the CBN Governor and Minister of Finance to resolve the problem, which was done. So we have demonstrated as a country to be able to respond even in difficult moments to things that are obligations upon us,” he said.

admin by — October 24, 2022 in Banking&Finance 0
FIPL Mulls Energy Mix Expansion, Names Nwangwu New CEO

The Board of First Independent Power Limited (FIPL), a Sahara Power Group company, has announced the appointment of Dr. Kenechukwu Nwangwu as its new Managing Director/Chief Executive OOfficer as FIPL moves to ramp up generation via alternative energy sources.

According to Kola Adesina, Group Managing Director, Sahara Power Group, the appointment will drive FIPL’s ongoing transformation towards sustainable and efficient power generation, especially in the Niger Delta and South-South regions of Nigeria.

He said:“We are excited to welcome Kenechukwu to the team at a time when Sahara Group is moving swiftly towards more responsible power generation in line with our commitment to promoting environmental sustainability. We also believe our young engineers will have a lot to learn from the vast experience Kenechukwu is bringing to FIPL,” he said.

Adesina said since acquisition in 2013, FIPL had achieved a remarkable capacity increase from 143 MW to 429 MW through continuous investment in overhauls, technology, and human capital. He also commended the Rivers State Government for its unwavering support and contribution to FIPL’s continuing success.

“We will continue to strengthen our collaboration with the government and good people of Rivers State towards enhancing industrialization and galvanizing socio-economic growth through FIPL’s efficient power generation and corporate citizenship,” he said.

He added that FIPL’s team of young engineers continue to infuse technology driven solutions that are facilitating top performance “while preparing FIPL for a future of smart energy generation powered by a healthy mix of different energy sources.”

Nwangwu, who brings over two decades of professional experience to FIPL, said he found the FIPL project “exceptional and future ready”.

He said: “Just like other entities under the Sahara Group, FIPL has a unique value proposition for all stakeholders. I am delighted to join the vision of bringing energy to life responsibly to all stakeholders with Team FIPL.”

Nwangwu joins FIPL from Shell Petroleum Development Company of Nigeria Ltd, where he was the CEO, SPDC JV Afam VI 650MW Combined Cycle Power Plant. He led the business creditably with notable achievement in enhancing uptime, optimizing production, and reducing generation losses.

Besides being a Fellow of several professional bodies, Kenechukwu holds a degree in Electronic Engineering from the University of Nigeria, Nsukka, a Graduate Certificate in Oil and Gas Engineering at the SITP/ Robert Gordon University Aberdeen program, and a master’s degree in Petroleum Technology from Curtin University Australia. He also holds two Doctor of Business Administration (Honoris Causa) degrees from Maverick Business Academy London and Commonwealth University.

With a total installed capacity of 541MW, FIPL is a Power generation company located in Rivers State, in the Niger Delta region of Southern Nigeria. FIPL has four Power plants under its portfolio strategically located across the State in Afam (180MW), Omoku (150MW), Trans Amadi (136MW) and Eleme (75MW).

FIPL is the embodiment of technological innovation in Nigeria’s Electricity Generation Business, with its leading mobile application REMACS (Remote e-Monitoring and Control System) development leveraging its internal Research and Development team, to drive operational excellence, technological innovation, energy management and effective monitoring of the impact of the business on the environment.

admin by — October 24, 2022 in Power 0
Celebrating General Yakubu Gowon At 88

By Dr. Mayowa Afe

General Dr. Yukubu Gowon, clocked 88 years old on Wednesday, 19 October, 2022. In 2013, while celebrating him as the ‘Leadership Person of the Year’, The Guardian described him as the ‘last good man standing’. Since he became the chairman, Danvic Petroleum International where I am currently the Managing Director, I have been privileged to have very close interactions with this great man who became the Head of State and Commander -in-chief of the Federal Republic of Nigeria July 19, 1966 at the youthful age of 31.

General Dr. Yakubu Gowon, GCFR is a bundle of history and special gift from God to Nigerians. His name is tied to his destiny with Nigeria, because the name is also a well-known acronym which means ‘Go On With One Nigeria.’ Interestingly, from his early life through his stint in the military and later, as Head of State, C-in-C, as well as in post-service life, his actions revolved around his guiding philosophy of a one and united Nigeria.

On his birthday, I did not notice any advert celebrating this great man and this says so much about the Nigeria of today and our values. If it were a serving public officer, the dailies would have been full. Despite all these, I choose to write this piece to highlight his life and celebrate this great man of value at 88.

General Yakubu Gowon was born in Garam of the then Pankshin Division on 19 October 1934 and hails from Pankshin Local Government Area of Plateau State, now Kanke Local Government.

He is a product of Barewa College (now Government Secondary School) Zaria where he obtained the Senior Cambridge School Leaving Certificate. He was a good all-round athlete – he was the school’s football goal-keeper, pole vaulter, and long-distance runner. He broke the school’s mile record in his first year. He was also the boxing captain.

In 1954, he enrolled in the Nigerian Army and was sent to the Regular Officers’ Special Training School at Teshie in Ghana. The following year he joined the Royal Military Academy, Sandhurst, United Kingdom for officer cadets’ training.

On successful completion of the course, the Guest Lecturer was granted Permanent Regular Army Commission into the West African Forces on 21 December 1956 in the rank of second lieutenant with seniority in the same rank effective from 19 October 1955. He was a proud and highly professional Infantry officer.

General Gowon was one of the finest officers who led this country in the most turbulent periods of our history. Throughout his years of service in the military, he was speedily promoted and rose to the admirable rank of General in a record time of 15 years. He is the first 4 Star General in the history of the Nigerian Army.

While in the service, General Gowon served in various capacities and challenging appointments as an officer as well as a national leader. Some of these appointments were Adjutant 4 QONR, Staff Captain (A) HQ RNA before serving as BM 3 NG Bde in Congo.

He was also the Adjutant General of the RNA and later served as Chief of Staff Nigerian Army. By divine intervention, he was named the Head of State of the Federal Military Government and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria on 19 July 1966.

In recognition of his meritorious service, he was decorated with various honours and awards, some of which were: pass staff course (psc), Congo Medal, Independence Medal, General Service Medal, Defence Service Medal, National Service Medal, Republican Medal and Grand Commander of the Federal Republic. He holds a PhD in Political Science from the University of Warwick, United Kingdom.

General Gowon has achieved so much as a national leader. Some of these achievements include the execution of the Nigerian Civil War without indebting Nigeria to borrowing funds throughout the period of the war.

During his nine years in power, he surrounded himself with great minds made up of politicians, bureaucrats, technocrats and specialists, who helped him to succeed in managing the war and its economy such that Nigeria did not take a single penny as loan. Rather, Nigeria leveraged on the oil boom and followed well laid out development plans.

He also helped to ensure the unification of Nigeria to remain as a single country by bringing an end to the Nigerian Civil. His mantra and directive principle during and after the civil war was ‘to keep Nigeria one was a task that must be done’; the reconstruction of National Infrastructure without plundering the treasury for personal gains; the introduction of Federal Scholarship Board and in-service training for Nigeria’s bureaucracy.

Today, Nigeria’s bureaucracy is one of the best trained in Africa; the transformation from the Regional to the State System by creating 12 states in the federation.

He played a significant role in the establishment of ECOWAS due to his firm belief in the integration of the sub-region as well as the establishment of the National Youth Service Corps to engender patriotism, industry and sacrifice amongst the Nigerian youth.

Since Gen Yakubu Gowon retired from public life, he has been playing the role of father of the nation as he continued to selflessly serve his country. It is to his credit that Nigeria is no longer considered the world’s most guinea worm infested country.

He teamed up with his US counterpart, former President Jimmy Carter, to fight against this scourge. He visited and mobilized 132 endemic communities. Today, Nigeria can boast of having eradicated guinea worm, as certified by the World Health Organization. He is the National Goodwill Ambassador on the Elimination of Hepatitis in Nigeria, to do the same magic as was done with guinea worm

In 1992, Gowon founded his own organization called the Yakubu Gowon Centre for National Unity and International Cooperation which is working on issues of good governance in Nigeria as well as infectious disease control including HIV/AIDS, guinea worm and malaria amongst others. Its main objective is to ensure a strong and united Nigeria, free of disease and poverty, where every citizen has an opportunity for self- expression and the realization of their full potential.

In 1990s, he formed a non-denominational religious group ‘NIGERIA PRAYS’

Today Gen Gowon is playing the role of an elder statesman not only in Nigeria but in African politics. For example, in 2008, he served as Head of ECOWAS Observer Mission at the Ghanaian Presidential Election, Head the Carter Center Observer Mission in Guinea General Election in 2010, Head the Commonwealth Observer Mission in Zambia Tripartite Elections in 2011, Head the Carter Center Observer Mission in Liberia in 2011 and the Parliamentary Election in Lesotho as Head of the African Union Observer Mission in 2012.

General Gowon is a member of the Africa Forum, an informal network of former African Heads of State and Government and other African leaders designed to support the implementation of the broad objectives of the African Union (AU) and its initiative for advocacy and think tanking, helps harness the experience, moral authority and good offices.

The Guardian described him as the ‘last good man standing’ and in 2013; he was named ‘Leadership Person of the Year 2013.’ The amiable General is happily married to Victoria Gowon and their union is blessed with children.

A fierce defender of Nigeria unity and mankind,it is an honour, pleasure and privilege to invite this uncommon global leader: A humble, honest, compassionate, accommodating, wise, intellectual, hard-working, loving, caring, revolutionary, social reformer, and God-fearing leader and father, a new vision of leader as servant who is able to be relevant to his world and community, through the intensity of life of service and through the love of his people, country and Africa of quiet and cam dignity.

In the book of Job chapter 42 and verse 12 the bible says ‘So the LORD blessed the latter end of Job more than his beginning…’ This is my wish and prayers for His Excellency, General Dr. Yakubu Gowon, GCFR. I wish you a long life and happy 88th birthday sir!

Dr. Mayowa Afe, is an alumnus of Harvard Business School, Boston, USA and Managing Director, Danvic Petroleum International

admin by — October 24, 2022 in News 0
Union To Polaris Bank Mgt:Don’t Sack Workers

The National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has implored the new owners of Polaris Bank to ensure that the jobs of the existing staff are secure.

The union conveyed its counsel in a statement issued by its Secretary General, Mr Sheikh Muhammed.

He said: ‘’As a Union, we insist on the right thing to be done, even as we are prepared to defend the rights of our members in any eventuality arising therefrom. Whoever comes onboard at Polaris Bank must be prepared to treat existing staff with utmost care and guarantee of their job security and continuity which is the only sure way of ensuring industrial peace and harmony across the entire bank and its operations”.

He lamented the manner in which the bank was sold and sought more transparency,adding that the workers were not informed about the sale of the bank.

He said:‘’Any claims of adherence to due process which excludes workers and their representative, as well as the general public, fades away in the face of reason and, cannot be seen to be transparent. It was a matter of regret that workers who are critical factors and stakeholders were not informed either directly or through their Union representatives about the Sale of the bank, in which most have served and still serving the bank for most of their prime years, but unfortunately, are not recognized as important enough to be informed about the sale of their workplace”

The union will discuss more on the matter at its forthcoming National Executive Council meeting,he said

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria had on October 20, 2022 announced the sale of Polaris Bank to Strategic Capital Investment Limited.

admin by — October 24, 2022 in Labour/Human Resources 0
Lawmakers Seek Measures To Reposition Nigeria As Renewable Energy Hub

The House Committee on Science, Technology and Innovation has called on the Energy Commission on Nigeria to leverage on available resources to reposition the country as hub for renewable energy.

It also seeks ways to leverage on the work of the National office for technology acquisition and promotion to make Nigeria technological hub.

The Chairman of the Committee, Hon. Beni Lar,who made the call during oversight visits to the two agencies,explained that the oversight of both agencies goes beyond ascertaining the compliance and implementation level of the agencies.

He said the ECN is the sole government body charged with driving the UN climate change Agenda and Sustainable Development Goals in energy sources and usage.

He added:”With over four decades of operational existence, this energy think-tank has strategic role of preparing and guiding the nation into the post crude oil dominance era that now steer us in the face. The several quantum leaps in advancement of science and technology are leaning towards renewable and more climate friendly energy sources should alarm leaders in the Nigerian project particularly the ECN as the future of fossil fuel looks very bleak”

He emphasized that the Committee had further resolved to vigorously and strategically yielded all legislative resources to ECN with a view to birth a new, reliable and futuristic sources of foreign exchange earner.

Hon. Lar observed that NOTAP tracks the inflow of technology into Nigeria and develop appropriate strategies for its adoption and domestication.

He said:”May I rightly observe that NOTAP occupies a critical place in the scientific advancement of Nigeria or its continued development, At this point,I wish to state without equivocation that the current DG has repositioned the office towards the realization of its lofty objectives.”

She maintained that the oversight would be the first in the series of engagements as the committee is focused on seeing the agency maximizing the benefits inherent in technologies available to the nation and its compliance with necessary provisions of the constitution.

In his presentation, the Director General Energy Commission of Nigeria, Professor Jidare Bala said the appropriation for 2022 was 12.5 billion with 79.55% release.

According to him, the major sources of revenue for the agency are tender fees, freedom of information, withholding tax, VAT, stamp duty and grants.

Prof. Bala,who who clarified that there had not been any intervention funds from government since 2009 noted that the commission is indebted to the tune of 4.7 billion from constituency projects which he said the commission had written to the Ministry of Finance that the Debt Management office take over the debt.

“I will like to recall some of the challenges that we have, I have told you about our debt, heavy debt of about 4.7 billion naira owed contractors for constituency projects executed from 2009 to date 2012 but since 2013 we have not incurred any debt. The second is inadequate physical infrastructure at the headquarters, you can see this building is small and we have about 731 staff and if we have our way,we have already have our design where our car park is, we want to have a twelve storey building to be called Nigeria Energy House.”

Earlier, the Director General of NOTAP Danazumi Ibrahim explained that 624 billion was projected as revenue with 406 billion generated as 377 million was budgeted with 263 million released

He stated that before the deployment of any software to the country, a Nigerian IT company must be involved in the deployment.

He told the Committee that the agency had some challenges ranging from high cost of fuel with over N1.7 million spent on diesel for generators to shortage of staff as a result of the suspension on employment as he appealed for funds to employ more staff.

Some members of the Committee observed that the equipment used by the agency for most of its research were obsolete, just as they demanded comprehensive details of all expenditure.

The Committee requested the two Agencies to avail it details of documents on budget performance, sources of revenue, indebtedness, internally generated revenue among other details.

admin by — October 24, 2022 in News 0
CBN To Unveil Africa’s First National Domestic Card Scheme Next Year

The Central Bank of Nigeria (CBN), has announced the introduction of a National Domestic Card Scheme effective January 16, 2023.

Osita Nwanisobi, Director, Corporate Communication of the CBN,who conveyed this in a statement,said Nigeria is Africa’s largest and most vibrant economy and the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN have driven the accelerated adoption of digital financial services.

He said:”Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the la st decade, Nigeria is ideally positioned to successfully launch a national card scheme. Building on this platform to accelerate financial inclusion requires infrastructure that can deliver lower cost payments services that are more accessible and affordable for Nigerians.

“Domesticating our card scheme also enhances data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange”

He also said the scheme can be leveraged as a platform for the seamless dissemination of government-to-person payments and other social impact initiatives, enhancing financial access and supporting the growth of a robust and inclusive digital economy.

According to him,the national domestic card scheme,would be delivered through the Nigeria InterBank Settlement Systems (NIBSS) Plc, Nigeria’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders.

“It will foster innovation within the Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards among others.Nigeria joins a growing list of countries- India, Turkey, China, and Brazil as leading examples- which have launched domestic card schemes and harnessed the transformative benefits for their respective payments and financial systems, particularly for the underbanked.

“The CBN recognizes the significant benefits from delivering Africa ’s first central bank driven, domestic card scheme, which, when delivered at scale , has the potential to become the largest in Africa, and one of the largest in the world”,he added.

admin by — October 24, 2022 in Banking&Finance 0
Gas Marketers Caution Against Panic Buying

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM),has cautioned Nigerians over panic buying of cooking gas as a result of the Force Majeure declared by Nigeria Liquefied Natural Gas Limited (NLNG).

Its President, Mr Oladapo Olatunbosun,made the appeal in a statement on the heels of NLNG’s declaration of force majeure on its gas facility due to flood last Monday.

In a statement,Olatunbosun said that cooking gas consumers need not panic about a possible scarcity of the product as a result of the force majeure

He reiterated that based on information reaching the Association; NLNG has not shut down its production facility in Bonny as rumoured.

He disclosed that NLNG on Thursday, 20th October, 2022 had shipped a cargo of LPG for the domestic market.

He said that the dedicated vessel for shipment of LPG from the NLNG Plant in Bonny, “Alfred Temile”, arrived in Lagos last Thursday to discharge product.

“The public should know that the supply of LPG from NLNG has not stopped. We should not give opportunity for further price hike due to speculated shortage of the product.We are already in hard times with the Russian/Ukraine war causing upset in the markets and the scarcity,” he advised.

The President said that NLNG has assured the Association that it will keep producing LPG based on the feed-gas it receives from its gas suppliers, adding that production was expected to pick up after the flood recedes.

He cautioned middlemen in the value chain not to take advantage of the hysteria in the market as a result of the flood which has also hampered the distribution of the production across the nation.

He advocated the need for urgent intervention by critical stakeholders to grow the industry and for more investment to meet demand and crash the price.

The General Manager, External Relations and Sustainable Development, NLNG, Mr Andy Odeh,had in a statement urged Nigerians on the need not rush to fill their gas cylinders as there is enough quantity of LPG to satisfy the market.

Odeh said that the flooding or force majeure declared has no impact on LPG availability.

He also said the NLNG account for 40 per cent supply of gas in the domestic market and in recent times has been the sole supplier for the domestic market.

Odeh, further explained that the company’s plant was in operation at a limited capacity, due to reduced gas supply from some of its upstream gas suppliers.

“None of NLNG’s assets on Bonny Island or in any of its host communities are impacted by the flood.The Force Majeure is as a consequence of a similar notice by upstream gas suppliers due to the impact of flood in their production facilities.NLNG continues to monitor the situation with upstream gas suppliers and is evaluating the impact of the flood on its business,” he said, assuring that the firm was working with all critical stakeholders to mitigate the impact on product deliveries”

admin by — October 24, 2022 in Oil&Gas 0
SEC Celebrates Investors

The Securities and Exchange Commission, in collaboration with the Financial Literacy Technical Committee (FLTC), is set to join the rest of the world between today and Friday, 28 October, 2022, to celebrate the 6th edition of the 2022 World Investor Week (WIW), being coordinated by the International Organisation of Securities Commissions (IOSCO).

Efe Ebelo, the Head, Corporate Communications of SEC,who disclosed this in a statement, noted that the key message of the IOSCO WIW campaign for this year is based on two themes; “Investor Resilience; and Sustainable Finance”.

The IOSCO WIW is an annual week-long global campaign which aims at promoting investor education and protection, as well as strengthening collaborations among member jurisdictions. The Commission, being a member representing Nigeria in the organisation, has lined up series of activities to commemorate this year’s event.

Some of the activities slated for the event include interaction with the public on topics regarding investor education, rights and protection that are considered critical to retail investors nationwide. In particular, webinars titled “The Non-Interest Capital Market as Panacea to Mortgage Financing in Nigeria” and “Investor Resilience and Sustainable Finance” will be hosted on the 26 and 27 October, 2022 respectively.

Speaking on the event, Director General of the SEC, Mr. Lamido Yuguda stated that the SEC and other players in the capital market have, over time, frequently sought to enhance the level and quality of financial literacy in Nigeria.

He said, “Major among the recent initiatives is the on- going plan to introduce capital market studies in Primary, Secondary and Tertiary Institutions, a project which has reached an advance stage. It is without doubt that the delivery of this project will change the face of financial literacy in Nigeria”.

“Indeed, for this sixth edition of the WIW, stakeholders nationwide are urged to collaborate with the Commission, and in their own different ways create the awareness on the need to educate and protect the investor”.

In his remarks,Mr. Ashley Alder, Chair of the IOSCO Board and the Chief Executive Officer of the Hong Kong Securities and Futures Commission said, “During the last two years, we have seen a growing number of retail investors participating in securities markets, in the context of the global pandemic. Those investors are facing new challenges, such as inflationary pressures and the uncertainties deriving from geopolitical tensions. Financial education and investor protection play a critical role in enhancing investor resilience and investor confidence to participate in financial market on a properly informed basis”.

admin by — October 24, 2022 in Regulators 0
COVID-19: African Airlines To Lose $3.5bn In 2022

The African Airlines Association,says airlines in the continent will lose $3.5 billion in 2022,which is equivalent to 20% of 2019 full year revenues.

The projected revenue loss due to COVID for the third quarter of 2022 is approximately $800 million,the group said in a recent statement.

It said jet fuel price continues the upward trend,while year to date, global average price per barrel is $142.

According to the statement,impact on global airlines fuel bill is estimated at $131.6 billion for the full year.

African airlines,it said,have now resumed operations to 99.2% of routes operated before the pandemic,adding that eight African airlines have exceeded the number of international routes they operated before COVID.

It added:”This September, traffic and airlines capacity deployed reached 82.52% and 82.1% of the 2019 level respectively. Domestic market share is now at 39.5% capacity and 32.8%% of passengers carried while intra-Africa passengers carried represented 29.5% and corresponding capacity at 24%. Intercontinental traffic this month is 37.6% and capacity 36.5%”.

It said in Africa, the number of new contaminations remains low,stressing that the total case count has reached 619 million and 12.6 million worldwide and in Africa respectively.

It said the global recovery rate is 98.9%,while only 22.3% of Africans have received at least one vaccine compared to the global average of 67.9percent

On regulatory developments,the statement said the Indian government has imposed bans on certain single-use plastics (SUP) products through a series of regulations. It appears that airlines and their catering partners will not be able to source these restricted items in India.

It added:”The Cyberspace Administration of China (“CAC”) has published the final version of its Measures for Security Assessment of Cross-Border Data Transfers related to cross borders transfers of data outside of China.The draft measures released can be found here.Since the late 1970s, airlines with international operations have been required to file a duplicate and documented airline security program prior to, during and post scheduled services between countries.

“IATA has been working with ICAO to get this redundant requirement modified at the ICAO Annex 17 level to reduce the burden on airlines. ICAO Amendment 18 to Annex 17 is now effective and will become applicable in November 2022. For more details see IATA information paper and ICAO guidance on how best to implement these new requirements.The U.S. Department of Transportation (DOT) issued a Notice of Proposed Rulemaking (NPRM) on ancillary fees on 26 September.

admin by — October 24, 2022 in Aviation 0