All Posts in "Day: December 14, 2023"

Group To Alake: Name Perpetrators Of Illegal Mining Or Quit Your Job

Mohammed Shosanya

A civil society organization,People’s Voice Advocacy Network has charged the Minister of Solid Minerals, Dele Alake, to name the ‘Powerful Nigerians’ behind the illegal mining activities in the country.

The group conveyed this in a statement issued today by its Publicity Secretary,and made available to Premium News.

It implored the Minister of Solid Minerals to either publicize the names of the alleged ‘Powerful Nigerians’ who have been holding the country to ransom or resign his appointment.

The statement reads:

“The People’s Voice Advocacy Network have read the statement credited to the minister of solid minerals, Mr Dele Alake on the illegal mining activities plaguing the country.

“However, we’re concerned that the minister while attributing these illegal activities to some Powerful Nigerians, failed to disclose their names.

“This raises questions on whether the minister is shielding the alleged individuals despite the scale of their atrocities or placing them above the nation’s law.

“We believe the action of the Minister is also suggestive of President Bola Ahmed Tinubu’s approach to dealing with crime and his lenient disposition towards perpetrators of activities that threaten the nation’s security and are inimical to her positive image.

“As a civil society group, we call on the Minister, Mr Dele Alake, for the sake of public accountability and aiding the efforts of security agencies, to publish the names of the alleged perpetrators of the crime or resign his appointment for colluding to protect criminals”

admin by — December 14, 2023 in News 0
Planned Unbundling Of TCN Won’t Benefit Nigerians-NLC

Mohammed Shosanya

The Nigeria Labour Congress,NLC,has picked holes in the planned unbundling of the Transmission Company of Nigeria by the Federal Government,saying the exercise would not fetch any benefit for Nigerians.

Its President,Comrade Joe Ajaero,who expressed this in a statement made available to Premium News,also said the planned unbundling of the TCN portends great danger to the sector and holds great fear and trepidation for major stakeholders within the power sector.

It imperils the ability of the state to control, regulate and guarantee the safety of the nation’s grid system at all times,he said,adding that the idea behind the so-called plans to restructure is the same semantics that was spoken before and during the failed privatisation exercise of the sector.

He revealed that the main motive behind the plans for the proposed restructuring is non other than to prepare the TCN for eventual take over by the cronies and lackeys of the ruling elite.

When words like unbundling are bandied about in Nigeria, the masses and workers become frightened because of the level of misery such words have foisted on the people,he said.

According to him,unbundling heralded the death of the Downstream sector of the nation’s Petroleum sector, it sounded the death knell on the power sector and raising its ugly specter once again at this time when the people are facing serious socioeconomic challenges may compound the woes of the people.

He reasoned that President Tinubu is making the same mistake previous administrations have made with the policy direction his Minister of power is trying to follow in seeking to unbundle TCN for privatization.

He added:”We had thought that the President would have convened a genuine national stakeholders’ forum to critically review the Privatisation exercise in the sector which the government itself agrees has failed to attain any of its major objectives rather than seeking to embark on another exercise that would bring more crisis to the Power sector.

“The disaster that will befall the nation’s power sector would be multidimensional. The quest to ultimately handover the Transmission infrastructure would expose the nation to blackmails and weaken the ability of the sector to transmit and distribute power around the country. Privatizing it will create the same crisis prevailing within the DISCOs and GENCOs and will impact the quality-of-service deliverance by the Power sector to Nigerians.

“It has to be remembered that we protested against a nation that was hell bent on committing suicide in the power sector 10 years ago. We talked about the consequences that Privatisation exercise was going to be for the Power sector and for Nigerians but it was not heeded.

“Today, Nigerians have witnessed 500 percent tariff increase yet, there is no improvement in services to Nigerians. The Power sector remains stagnant as no significant investment was made by those who bought the GENCOs and DISCOs through proxies. What we are reaping today are the unfortunate outcomes of the errors of yesterday and it is obvious that we are bent on going the same route.

“As we write, government has paid about N2.8 trillion in subsidy for a sector it handed over to the private sector. A sector it sold at About N400 billion yet, it has spent multiples of that in tax payers’ funds as pay outs to those who bought the privatized entities.

“Consequently, the sector has been handed over to banks due to the inability of the proxy investors to pay their loans to the banks. The, managerial and Technical competence as well as Foreign Direct Investment has eluded the power sector as result of this primitive economic policy. It is this same route that the Government is proposing to follow again.

“The consequences of what the government wants to do especially to at a time when Nigeria is today leading other countries as headquarters of nations suffering from Power poverty will worsen the predicament of the nation’s Power sector. Its attendant macro-economic implications for our nations are huge and will worsen the already bad socioeconomic situation in our nation.

“Nigeria’s economy would be worse in the next 10 years if a conscious power policy devoid of undue influence by neo-liberal economic apologists is not designed. We need to wean not only our power sector but our entire economy from the apron strings of the forces of capitalism and its philosophical foundations if we are to make real progress as a nation.

“It is important that we learn from the mistakes of the past so that its errors are not repeated and the same consequences befall our nation again. If care is not taken, this may be another hope betrayed!”

admin by — December 14, 2023 in Power 0
Nigeria To Witness Partial Return Of Fuel Subsidy -World Bank

Mohammed Shosanya

Nigeria will witness partial return of fuel subsidy on account of the non cost-reflective nature of the current petrol prices in the country.

Alex Sienaert, the bank’s lead economist for Nigeria, disclosed this during his presentation of the Nigeria development update report, the December 2023 edition.

The report, titled, ‘Turning The Corner (From Reforms and Renewed Hope to Results)” was presented on Wednesday in Abuja.

According to the official exchange rate,the product should sell for around N750 per litre and not the N650 currently being paid by Nigerians,he said.

He added:“It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official foreign exchange rate.

“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.

“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”

According to him,the bank is recommending that Nigeria’s government should take additional steps to safeguard the benefits of its bold reforms.

admin by — December 14, 2023 in News 0
NNPCL Remits N4.5trn Revenue

Mohammed Shosanya

The Nigerian National Petroleum Company Limited (NNPCL), diclosed it has remitted N4.5trillion generated revenue between January to October this year into Federation Account.

The company also disclosed that indices and parameters available shown that the country is on it way to property, which are being strategically leveraged on by NNPC Ltd and other key players in the oil sector .

The Group Chief Executive Officer of the Company, Mele Kyari announced this during an interactive session with the Senate Committee on Finance.

He assured the Committee members that better days are ahead for the company and by extension Nigeria as reform contained in the Petroleum Industry Act for the oil sector, has made NNPC Ltd to be at par with its peers, across the globe.

He added that as creation of tbe National Assembly, NNPCL is required to conduct its business transparently.

Kyari said: “The NNPC Limited that is a creation of the National Assembly, requires that we conduct business transparently and provitably in line with provisions of the law and to create value for shareholders, and not to lose money, and also to continue to add value and pay dividends to shareholders.

“I’m glad to inform you Mr. Chairman and Distinguished Senators that as at October we are able to deliver N4.5 trillion Naira into the federation account as a company to this country in 2023 .

“Every national oil company has a trading company. We have always had one which never worked prior to PIA Implementation.

“Currently, NNPC Ltd is delivering on its mandate through the PIA reforms that has brought us to be at par with our peers across the globe, and not to lose money anymore.”

He disclosed that NNPC Limited is expanding in bussiness and now the most transparent National Oil Company in Africa, adding that the sector will would be more investment driven by the time the issue of wide margins in exchange rate and import and export windows are narrowed.

He said: “There is always a parallel market in every country. There is also an import and export window in every country, even in the developed world.

“But there is always a narrow gap between the two and it takes time for you to have stability in this gap so that you have a low margin between the two for a sustained period of time, then businesses will thrive .

“There is a line of sight around this. I am very confident that by the end of the first quarter of next year, those margins will narrow and stability will come and you will see others coming into the market.”

admin by — December 14, 2023 in Oil&Gas 0
Tinubu Fires FAAN,NAMA Bosses

President Bola Tinubu has approved the suspension, removal, and replacement of some Chief Executive Officers under the Federal Ministry of Aviation and Aerospace Development:

Those affected includes Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mr. Kabir Yusuf Mohammed removed from office and replaced with Mrs. Olubunmi Oluwaseun Kuku as the substantive Managing Director of the Federal Airports Authority of Nigeria.

The Managing Director of the Nigerian Airspace Management Agency (NAMA), Mr. Tayib Adetunji Odunowo was removed and replaced with Engr. Umar Ahmed Farouk as the substantive Managing Director of the Nigerian Airspace Management Agency.

Others are;Director-General of the Nigerian Safety Investigation Bureau (NSIB), Engr. Akinola Olateru also sacked and replaced with Mr. Alex Badeh Jr. as the substantive Director-General of the Nigerian Safety Investigation Bureau.

The Director-General of the Nigerian Meteorological Agency (NIMET), Prof. Mansur Bako Matazu replaced with Prof. Charles Anosike as the substantive Director-General of the Nigerian Meteorological Agency.

The Rector of the Nigerian College of Aviation Technology (NCAT), Capt. Alkali Mahmud Modibbo removed replaced with Mr. Joseph Shaka Imalighwe as the Acting Rector of the Nigerian College of Aviation Technology (NCAT), pending the appointment of a substantive Rector, in accordance with Section 13(2) of the Nigerian College of Aviation Technology Act, 2022.

The restructuring also affected the Director-General of the Nigeria Civil Aviation Authority (NCAA), Capt. Musa Shuaibu Nuhu who got suspended from office to enable the Economic and Financial Crimes Commission (EFCC) to conduct an unfettered investigation into the activities of the suspended Director-General and other senior officials in the Nigeria Civil Aviation Authority. Capt. Chris Najomo assumes office as the Acting Director-General of the Nigeria Civil Aviation Authority immediately.

Tinubu also approved the commencement of a diligent process to be conducted by the Minister of Aviation and Aerospace Development to recruit a substantive Vice-Chancellor and other principal officers of the African Aviation and Aerospace University (AAAU).

The President said he anticipates that the new leadership across this critical sector will uphold the safety, convenience, and comfort of the Nigerian people as primary and sacrosanct in all of their administrative activities.

Due to the high cost of underperformance in the sector, the President demands the immediate establishment of world-class policy design, implementation, and regulatory frameworks to reposition the sector in alignment with his Renewed Hope Agenda.

admin by — December 14, 2023 in Aviation 0
Nigeria’s Crude Oil Production, Price Benchmark For 2024 Budget Realistic, Says NNPC

Mohammed Shosanya

The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has assured that the projections on crude oil production and price benchmark for the 2024 Budget were realistic and realizable.

The Group Chief Executive Officer (GCEO) of the Company, Mr. Mele Kyari, gave the assurance during an interactive session with the Senate Committee on Finance at the National Assembly, Abuja, on Wednesday.

Olufemi Soneye,Chief Corporate Communications Officer,NNPC Ltd,quoted his boss to have said this while speaking on the dynamics of the market in relation to the projected budget benchmark price of $77.96 per barrel.

Kyari said: “With what we see in the market today and potentially in the year 2024 and even beyond the next two years, it is very unlikely to see $70 per barrel oil in the market. The oscillation we are seeing, sometimes you do see prices coming down to $75 to the barrel and sometimes it goes above it, overall, benchmarks are averages. We think that the proposal by Mr. President around the $77.96 is still realisable in 2024.”

Speaking on the crude oil production projection, he stated: “The number we have is 1.785mbpd. This is cumulative of all oil produced in the country. This figure is inclusive of all production including crude oil and condensate. I need to make this clarification because of the reports in the media that our OPEC quota is 1.5million barrels per day. The OPEC quota is related only to crude oil. We also do between 250,000 to 300,000 barrels per day of condensate in our production. When you combine the two, the 1.78mbpd is realistic and realisable.”

He expressed optimism that though there were challenges such as security and force majeure, the measures being deployed by the Federal Government would be able to take care of them to guarantee the projected level of production.

He also assured that NNPC Ltd. will maintain the level of dividends remittance to the Federation Account as stated in the Medium-Term Expenditure Framework, adding that the projected dividends from the Nigeria Liquefied Natural Gas Ltd. was also realizable and would be flowed directly into the Federation Account as stipulated by the law.

Answering a question on the company’s Road Tax Credit Scheme, Kyari explained that all the roads being undertaken under the scheme would be duly completed, adding that the scheme was anchored by the Ministry of Works while the Federal Inland Revenue Service and NNPC Ltd. were only playing supervisory roles to ensure that value is delivered for every kobo paid.

Speaking earlier, the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, said the purpose of the interactive session was to deepen conversations on the projections in the 2024 Appropriation Bill to help the lawmakers determine what and where to adjust.

admin by — December 14, 2023 in Oil&Gas 0
FCCPC Boss Implores Nigerian Youths To Embrace Digital Technology

Mohammed Shosanya

Mr. Babatunde Irukera, Executive Vice Chairman of the Federal Competition and Consumer Protection Commission(FCCPC), has implored Nigerian youths to embrace digital technology to catch up with the rest of the world.

He spoke on Wednesday at the 7th Edition of the National Young Consumer Contest Awards 2023 organised by FCCPC in Abuja.

He added that digital technology defines their future and attainment in life.

He further tasked the youths to have good character, values, integrity, discipline and responsibility to succeed in life.

He said: “The future belongs to the young people. Africa is the fastest growing continent in the world from the population stand point.Digital markets are the future that will dominate Africa. Digital finance is important to the young people to direct their future.

“One of the most important things that will define your success in life is character.Inside character, you have integrity and values.

“When you put character, integrity and values apart, the next thing that will define your future and success is responsibility.

“The biggest responsibility that will define whether you have succeeded is fiscal responsibility.

“Learning restraint and discipline and respect to resources. Fiscal responsibility is a factor in controlling corruption.

“So if the future is digital, and fiscal responsibility is an important part of your success, making you to think digital markets is appropriate.”

He explained that Nigeria has become a hub for digital companies, adding that six technology companies with a market capitalisation of $1billion, have birthed in Nigeria in the last eight years.

He tasked Nigerian youths to be focused and intentional in embracing digital technology, adding that “the way to the future is digital technology.”

According to him, “Nigeria is a country of talents and a country that leads even in the digital space.

“In the space of 8 years, Nigeria has six unicorns or technology companies that have a market capitalisation of $1billion.It is much more here than anywhere in the continent. Nigeria is a respected as a country for technology start-ups in Africa

“We must be intentional and the young people must focus on this. We cannot catch up with the rest of the world by building new schools.The way to the future is digital technology.”

admin by — December 14, 2023 in Business 0
Ondo:How Water Tank Crashed On Building,Killed Baby,Mother

There was pandemonium in Aiyedun Quarters, Akure when an overhead water tank crashed on a bungalow and killed an 8-day-old baby girl and her mother in their bedroom.

The one-bedroom detached bungalow, along Egbe Road by the Primary Health Centre, collapsed when the full overhead water tank crashed on the bedroom section of the building killing the 30-year-old Mrs. Bose Sanusi instantly.

But,the grandmother of the baby and her elder brother escaped unscathed because they were in the kitchen of the building which was not affected when it collapsed.

The remains of the baby and her mother have been removed and deposit in the morgue.

Spokesperson for the state Police Command, Funmilayo Odunlami-Omisanya, a Superintendent of Police,who confirmed the incident said a 30-year-old mother and her daughter got killed in the building collapse.

She said investigation is ongoing on the reason for the crash of the overhead water tank and eventual collapse of the building which led to the death of the baby who was christened on Tuesday.

admin by — December 14, 2023 in Crime/Metro 0
CBN Gives Updates On Cash Scarcity

Mohammed Shosanya

The Central Bank of Nigeria (CBN) says it is addressing the reported cases of cash scarcity in some major cities across the country.

It blamed the current situation on the hoarding of the Naira by some persons due to challenges experienced during the Naira redesign project.

The Bank’s Acting Director in charge of Corporate Communications, Mrs. Hakama Sidi Ali gave the latest assurance in a chat with newsmen in Abuja, on Wednesday, adding that the bank was monitoring the situation and had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs).

She explained that currency in circulation as of February 2023, was N1 trillion, while that figure had risen to over N3.4 Trillion as of December 11, 2023. This, according to her indicated that there was sufficient cash in circulation, except that the cash was in the hands of individuals who were apprehensive due to their previous experiences.

She empathized with Nigerians, over their previous and current experiences, but insisted that the CBN had adequate cash to meet the day-to-day transaction needs of Nigerians. She, therefore, appealed to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond.

While also urging Nigerians to continue to accept all Naira banknotes for their daily transactions, Sidi Ali reiterated the Bank’s earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of physical cash.

admin by — December 14, 2023 in Banking&Finance 0