All Posts in "Day: December 9, 2022"

Yuletide: EEDC Urges Customers To Pay Electricity Bill

The Enugu Electricity Distribution Company Plc(EEDC) implored its customers to pay their electricity bills to avoid being disconnected during the festive period.
The firm also reminded its customers that the energy bills for December, which is for energy consumed in the month of November, has been distributed.
The Head, Corporate Communications, EEDC, Mr. Emeka Ezeh, who gave the charge on Thursday in Enugu,said his firm
has commenced network maintenance works to deliver reliable power supply,as part of efforts to ensure that its customers enjoy the Christmas and New Year celebrations
Ezeh appreciated the cooperation and support the customers have extended to the company and affirmed that the company can only sustain its operations and continue to provide good services to its customers when bills are paid.
“Cash is the raw material which we need for the day-to-day running of our business and our various teams are already out for this month’s revenue drive and appeal to our customers to cooperate with them and give them maximum support”, Ezeh said.
He also urged  customers with outstanding arrears to take advantage of the Arrears One-Time Settlement (OTS) Scheme which is ending on the 31st of December 2022 and enjoy 30% Discount. The OTS Scheme is an initiative introduced by EEDC to assist customers defray their accumulated arrears.
He added:“Both commercial and residential customers, bulk communities, metered and unmetered customers, are eligible for this discount scheme.Interested customers are to visit the “OTS Coordinator” at the district office responsible for the area they are residing or call our 24/7 Call Center on 084700100 for further inquiries.
admin by — December 9, 2022 in Power 0
Fuel Queues To End On Saturday As Secret Police Draw Battlelines With Profiteers

The Nigerian National Petroleum Company Limited, Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Department of State Services have agreed to clear the queues for Premium Motor Spirit within the next 48 hours.
This was  the outcome of the meeting  with the key stakeholders in the midstream and downstream oil sector which held on Thursday.
At the meeting,the Department of State Services,DSS,ordered all the entities in Nigeria involved in the distribution process to make petrol available to Nigerians at official rate or face the wrath of the government.
The image maker of the DSS, Dr.Peter Afunanya,informed  journalists at the end of the meeting that the agency would take steps to deal with elements who try to use artificial fuel scarcity to threaten national security.
The meeting also had the Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria, Independent Petroleum Marketers of Nigeria, National Union of Petroleum and Natural Gas workers, National Association of Road Transport Owners, among others.
Speaking,Clement Isong, the Executive Secretary, MOMAN, said operators would ensure that they implemented the decisions reached at the meeting.
“As these decisions are being implemented, the queues will subside. We have committed to work with NNPC to continuously improve operational efficiency in order to achieve operational excellence,” he said.
Femi Adewole, the Executive Secretary, DAPPMAN,  said the foreign exchange challenge faced by depot owners was also discussed and efforts were on to address it.
He said, “The challenges to marketers, especially depot owners, were explained and the meeting agreed and actually noted the forex component challenge and its input into our cost, which we should in all ideal cases recover reasonably. That was agreed upon.
“We also agreed that based on the assurances of products given to marketers, provided by NNPC, we will ensure that, going forward, all depots work 24 hours, based on the security risks appraised.
“We will work 24 hours to ensure that the queues in town are reduced. Our retail outlets, spread nationwide, will also ensure that they sell 24 hours based on our security situation appraised. I want to assure Nigerians that going forward, they will be able to get fuel in filling stations without too much hitch or harassment.”
In his comment,Chinedu Okoronkwo, the IPMAN President,stated that marketers had been asked not to do anything that would jeopardise their licences, as the association had committed to that resolution.
He disclosed that another resolution that was reached at the meeting was that independent marketers would get products directly from NNPC.
He added:”That will make this product available within this 48 hours that we have been given. And I also want to tell you that NARTO, NUPENG and PTD are in concert with IPMAN to ensure that this product gets to every nook and cranny nationwide”
Farouk Ahmed, the Chief Executive, NMDPRA,  said all parties had committed to ensuring supply and clearing the queues within the given time.
“We’ve heard from all the stakeholders on each of their individual commitments to ensuring adequate supply and distribution of petroleum products. And they reemphasised that the commitment is to take effect within 48 hours.
“So we are hoping that with the efficiency in the distribution, both by marine and trucking, in the next 48 hours the commitments will really start and hopefully we will see a positive environment, away from the difficult situation we are experiencing across the nation,” he stated.
admin by — December 9, 2022 in Oil&Gas 0
FG Moves To Review Criteria For Disbursement Of N500bn SME Loans: 

The federal government says it would review the conditions used by the relevant banks to disburse loans to the Medium and Small Scale Enterprises in the country to ensure geographical spread.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Thursday when she appeared before the Senate ad-hoc committee set up to investigate the alleged uneven disbursement of the disbursed to MSMEs by development banks.
The Senate had setup an adhoc panel chaired by Senator Sani Musa to investigate a motion by Senator Ali Ndume, alleging irregularities in the handling of the federal government’s credit facility.
Ndume, in his motion alleged that the South-West geopolitical zone in the country, especially Lagos State, had the largest number of the loan beneficiaries.
Ahmed,who appeared before the panel on Thursday,pledged to meet with the development banks management and their regulators, the Central Bank of Nigeria, to carry out the review of the criteria for loans disbursement.
Ahmed however, warned that such review would not be too flexible to ensure the sustainability of the development banks.
She said: “I have been given copies of reports already submitted to the committee by the development bank. The criteria to access funds from the development banks are set by the supersing ministry. The last one was targeted at the technology sustainability plan.
“The Development Bank of Nigeria was set up to enhance the development of the MSMEs across the country but it doesn’t lend directly to the beneficiary businesses. Instead it lend to them through microfinance banks. The MFBs also provide criteria for the lendee and do credit analysis. They send their reports to the DBN which would collate the report and approve for disbursement.
“The criteria set by the DBN was reviewed by the regulator and approved by CBN. The Bank of Industry was set up to also stay healthy as a bank. It has done very well in terms of loans repayment. it is the only financial development institution that is giving dividends to the federal government.
“The BoI has also been able, on its own, using it’s balance sheet, to raise resources from the domestic capital market as well as from the international capital markets. It is doing quite well in terms of its performance but we hope it could more and use it’s exposure to do more.
“Right now we are struggling to reinvigorate the Bank of Agriculture which was also subjected to regulations and criteria, in areas that would make it stay afloat and make some certain level of returns because that is what would provide efficiency in the bank.
“If government continue to provide intervention funds without adherence to criteria to sustain existence of the banks, it will threaten their existence. I agree that we have to strike a balance between the survival of the banks, their profitability and the development objective of setting them up.
“Our ministry, the regulator which is the CBN to review the criteria so that we could strike a balance that would enable the banks to do more where development is much more needed. I have also seen reports of the development banks and noticed the uneven disbursement of their loans.
“We also have to be careful so that the banks would not use the review of the criteria as an excuse. For instance, before the current management of the Bank of Agriculture took over, the CBN just released funds and gave lists of those to give money to without giving us opportunity to scrutinise the beneficiaries.
“At the end of the 90 per cent of the facilities failed. We would also involve the National Assembly so that we would strike a balance between the objective of setting up the development banks and the need toake sure that they stay afloat and have a healthy balance sheet to be able to continue to do their work.
“Our intervention as a government is limited to our ability to continue to fund them so we make sure that they are healthy enough to also raise funds whether from local or international sources. Whatever we lend to them is not enough to make them carry out their objective.
Earlier, Senator Sani Musa said the federal government supported the development banks so that they would not be using the same considerations that commercial banks are using.
He said:”We want to know the conditionalities that are making it very difficult for the MSMEs to access funds from the development banks, there is the need to look at it critically.
“We want to know the criteria being used by the development banks to disburse funds because we know that the standards were set by the Central Bank of Nigeria.The criteria should be such that the weak MSMEs would be able to access it”
Besides,Senator Ibrahim Hadejia emphasized the need to know the criteria used in the disbursement of the loans.
Senator Yusuf Yusuf also said, “If the loans being disbursed by development banks were guaranteed by the Federal Government, they are sovereign loans which must be guided by the principles of even distribution. The DBN said the PFIs which are primarily commercial banks and micro finance banks use their own criteria to give out loans not by geographical consideration. The PFIs and Commercial banks are basically for profit and not for development.”
admin by — December 9, 2022 in Business 0
Naira Redesignation:Banks Receive New Bank Notes From CBN

The Central Bank of Nigeria (CBN) has begun distribution of the redesigned Naira notes to deposit money banks in the country.
Its governor,Mr. Godwin Emefiele,announced this on Thursday after he visited President Mohammadu Buhari in Abuja
He said that the new currencies have now reached the banks and it is expected that the banks will soon distribute those currencies to the members of the public who are their customers.
Emefiele visited President Buhari to assure the president that things are going on well about the currency as well as issues bordering on the newly introduced cashless policy.
He disclosed that the  apex bank will be reviewing from time to time how this is working because there is no rigidity, even though there will be no reversal of policy or change in timing.
He added:“But whether it is about tweaking some amount to be a little bit higher or a little bit lower we will do so because we are human. We want to make sure that we make life good for our people.We can only continue to appeal to Nigerians to see this policy the way we have presented it. We do not want to make life difficult for them.
“There is no need for anybody to worry. The CBN is monitoring what is happening, and I am assuring everyone that we are alive to our responsibility and we will do what is right for Nigeria and Nigerians”.
He spoke on the position of the senate concerning the withdrawal limit,saying the upper house is the legislative arm and from time to time, CBN briefs them about its policies.
He recalled that the cashless policy started in 2012,but on almost three to four occasions,adding that the CBN had to step down the policy because it felt that there was a need to prepare and deepen the country’s payment system infrastructure in Nigeria.
He said:”Between 2012 and 2022, the CBN believes that a lot of electronic channels have been put in place that would aid people in conducting banking and financial transactions in Nigeria.We heard about people talking about some of the people in our rural areas, and the truth is that we have 1.4 million super agents that are all over the country, villages, LGAs, and I am sure some of their names are already on the CBN website and we will publish the names of all these super agents,” he clarified.
admin by — December 9, 2022 in Banking&Finance 0
Ajaokuta Steel:FG Apologizes Over Failure To Meet Target As 11 Firms Show Renewed Interest In Plant

The federal government has apologized to Nigerians over its failure to meet their 2022 target date to launch the  country into the global club of iron and steel producers.
Speaking to journalists on the achievement of his ministry on Thursday, in Abuja,  as part the President Mohammadu Buhari Scorecard series, the minister Olamilekan Adegbite, the  Minister of Mining and Steel Development walked back on his earlier promise.
He lamented that the onset of COVID-19 pandemic halted all progress made to attain the objective.
According to him,the Russians were expected to arrive the Country on or before March 2020 in line with the bilateral agreement reached in Sochi, to ascertain  what went wrong ,what needed to be changed or serviced, but regretted that the arrangement was however halted on its track by the onset the pandemic.
He added:”Through out 2020,2021 they could not come and we said we cannot continue to wait,lets go some other route. Now we are not just talking to Russia. Of course the 11 companies I mentioned , three are of Russia origin. People are interested to bring in their own money into Ajaokuta and make sure it works. Because the Plant is still good,if you put in what is required, it will start producing in less than two years.
“What government has done is to employ the transaction adviser, that will guide us in the process.We are working with the Infrastructure Concession Regulatory Commission ( ICRC). Like I said we may not get Ajaokuta to work again (in the life of this administration).
“And maybe this is the right forum to apologize to Nigerians because I promised that it will work in the third quarter of the year. This is not giving excuse. We couldn’t do it. I give an unreserved apology for that…. The process is ongoing, before we leave office,we will concession Ajaokuta in a more equitable terms than what we had previously. We are looking for people who will bring money ” Adegbite assured.
He said government is unrelenting in its effort to put  the company in the right frame ahead of the impending concession,  stating  for instance, that  government has successfully weaned Ajaokuta  of all legal encumbrances arising from the previous concession.
He added that the seven year legal battle started by the former concessionaire, Messers Global, has been resolved amicably, and at little or no cost to government.
Commending the patriotic zeal of the country  legal lead,the minister disclose that the country’s legal team has successfully negotiated the $7billion compensation claim, entered by Messers Global to a mere $496 million.
He disclosed that the federal government will soon invite bid for an equitable concession of the company, pointing out that already eleven companies have indicated interest to bring needed funds to revive the company.
The minister admitted that artisanal mining feeds directly into the banditry system going on across the country,especially in Zamfara State.
He said it was for this reason government took  drastic measures to halt all mining activities in Zamfara State , including the legal ones  all in the effort to curb activities of bandits.
He said the positive steps to operationalize the mining sector and open interest in the nation’s massive gold reserves  has attracted billions of dollars in FDI .
He listed some of the interest to include Segilola Gold Company with an Investment portfolio of $900m, African Natural Resources and Mines limited (Investment Portfolio of $600m); Kian Smith Gold Refinery; Dukia Gold and precious Metals, among others.
The ministry he said has “facilitated smooth agreement and partnership between Dukia Gold and Philoro Global Trading Company in Switzerland to produce world class Gold bars and coins.
“This was to ensure that gold coming out of Nigeria, sourced, refined and traded by Dukia Gold will always meet and surpass the standards, conditions and guidance set by Organisation for Economic Corporation and Development (OECD) and London Bullion Market Association (LBMA)”.
He disclosed that Nigeria has generated over N300 million from local production of barite insisting that no reason would be adduced for any person importing the mineral henceforth.
He said exploratory activities undertaken by the ministrh shows that highly sought after minerals needed for energy transition like nickel, cobalt, chromium, tungsten and litium have been found in high qualities across the country.
Arc. Adegbite disclosed also that about 26 companies have shown interest in the mining of the country’s vast bitumen deposit, assuring that exploration of the mineral will reduce the cost of construction in the country.
In his remarks,Alhaji Lai Mohammed, Minister of Information and Culture lauded the vision of the Buhari administration especially in the area of food security. But for improved local production of rice ,he wondered how the country would have survived the pandemic without a scare.
admin by — December 9, 2022 in News 0
Ishowo Gets PDP Presidential Campaign Council Communications Job

The Kwara chapter of Peoples Democratic Party appointed Mr. Abdullateef Ishowo as Director, Media and Communications, Presidential Campaign Council.
He holds a Bachelor of Science in Political Science and a Master in Public Administration from the University of Ilorin.
He’s a popular radio presenter with many years of experience. A development analyst and research fellow to African Center for Peace-Research, Empowerment and Documentation (ACPRED),a statement said
 A resource-fellow to TVC, NTA, Royal FM, SBS FM, diamond FM, Radio Nigeria, etc. He’s an editor and writer of speeches. His articles have featured in many academic journals, magazines and national dailies in Nigeria.
He has four books to his credit.
admin by — December 9, 2022 in Next Level 0