All Posts in "Day: May 7, 2024"

2023:FG Received $1.09 billion In Taxes, Royalties From Shell Nigeria

Mohammed Shosanya

Shell exclusively paid a total of $1.09 billion in corporate taxes and royalties to the Government of Nigeria last year through the operations of The Shell Petroleum Development Company of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company of Nigeria Ltd (SNEPCo.).

The figures, announced in the just published 2023 Shell Briefing Notes, show that SPDC paid $442 million, while SNEPCo remitted $649 million. Similar payments made by the two companies in 2022 amounted to $1.36 billion.

“These payments are Shell exclusive and do not include those made by our partners,” said SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Osagie Okunbor. “Shell Companies in Nigeria will continue to contribute to the country’s economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses.”.

Shell has invested in Nigeria for more than 60 years. The Briefing Notes report on the progress of the businesses of Shell Companies in Nigeria – SPDC, SNEPCo, Shell Nigeria Gas and Daystar Power for 2023.

The reports show that the companies continued to power progress, working closely with stakeholders and communities to promote socio-economic development and providing cost-effective and cleaner energy solutions.

Mr. Okunbor added: “It is important to emphasise that Shell is not leaving Nigeria and will remain a major partner of the country’s energy sector through its deep-water and integrated gas businesses. Our collective focus remains on delivery of safe operations and care for our people.”

admin by — May 7, 2024 in Oil&Gas 0
Olubadan:Ladoja Discontinues Case Against Olubadan-in-Council

Mohammed Shosanya

Former Governor of Oyo State, Senator Rasidi Adewolu Ladoja, has withdrawn the suit he filed against members of Olubadan-in-Council.

He did that in order to hasten the coronation and installation of Olubadan-designate, High Chief Owolabi Olakulehin.

He is the Otun Olubadan and one of the High Chiefs that make up the Olubadan-in-Council.

Ladoja had earlier instituted the suit against the members of the Council over the beaded wearing crown before the demise of the late 42th Olubadan of Ibadanland, Oba Lekan Balogun.

It was further learned from a source close to Ladoja that the former governor has withdrawn the case.

A close associate of the former governor, Adeola Oloko, confirmed the withdrawal of the case to journalists in Ibadan, the state capital on Tuesday.

He said:“Yes,it’is true.”

The withdrawal of the case from the court is expected to pave way for the coronation of Owolabi Akinloye Olakulehin as the 43rd Olubadan of Ibadanland.

admin by — May 7, 2024 in News 0
Rivers: APC Urges 27 Pro-Wike Lawmakers To Impeach Gov. Fubara

Mohammed Shosanya

The All Progressives Congress in Rivers State has mandated the State House of Assembly to resume impeachment proceedings against Governor Siminalayi Fubara.

The pro-Wike 27 lawmakers of the Rivers State House of Assembly led by Rt. Hon. Martin Amaehwule, were issued the marching orders on Tuesday by the Caretaker Committee Chairman of the All Progressives Congress (APC) in the State, Chief Tony Okocha.

Okocha, while briefing journalists in Port Harcourt said the decision of the party was in response to the remarks credited to Governor Fubara suggesting that the Peace Pact brokered by President Bola Tinubu was only a political solution and not constitutional.

Okocha threatened that the Party will also invoke relevant sections of its constitution to discipline the Assembly members should they fail to commence the impeachment processes against the governor.

He said, “A state as crucial and all-important as Rivers State churned out a dunderhead. We cannot accept that, and we are charging the Assembly is to immediately commence an impeachment process against the Governor.

“And if they don’t do that there is what they call party discipline. We shall invoke the relevant section of the constitution.”

Recall that Governor Fubara had on Monday, while receiving a delegation of political and traditional leaders from Bayelsa state, led by Senator Henry Seriake Dickson on a courtesy visit at Government House in Port Harcourt, accused the lawmakers and other political leaders of rebuffing his efforts for reconciliation, declaring that the lawmakers were illegitimate in the eyes of the law.

Governor Fubara also stated that he only accepted President Tinubu’s peace resolution to give the Assembly members a soft-landing after their failed impeachment attempt against him on October 30, 2023, and their subsequent defection from the PDP to the APC.

admin by — May 7, 2024 in Politics 0
NLC Seeks Reversal Of Cybersecurity Levy

Mohammed Shosanya

The Nigeria Labour Congress (NLC),has urged the Federal Government to consider reversal of 0.005 percent Cyber security Levy on electronic transfers in the country.

Its President,Comrade Joe Ajaero,who gave the suggestion in a statement on Tuesday,also implored the government to prioritize policies that alleviate the financial burdens of Nigerians.

He also advocated the need for a collaborative approach between the government,regulatory bodies,and stakeholders to develop sustainable cybersecurity measures that do not unduly burden the populace.

He added:”Our people are already emasculated. This will further exacerbate the huge suffering that confronts Nigerians daily. It is crucial that the government allows Nigerians a breathing space. We continue treading on the edge and it is not certain which uncaring policy will tilt the balance and throw us into a socioeconomic spiral

“We reiterate our commitment to championing the rights and welfare of Nigerian workers and masses and call for an immediate stoppage of the implementation of this vexatious CBN’s directive on the Cybersecurity Levy”.

Condemning the recent directive by the Central Bank of Nigeria (CBN) to levy a 0.005 percent Cybersecurity Levy on electronic transfers, Ajaero said the development is yet another burden on the shoulders of hardworking Nigerians.

The Nigeria Labour Congress,he said recognizes the importance of cybersecurity in today’s digital age,adding that imposing such a levy on electronic transactions, without due consideration for its implications on workers and the vulnerable segments of society, is unjustifiable. This levy stands as another tax too much for Nigerians,burdening them with additional financial responsibilities.

He maintained that the levy is another gang up by the ruling elite to continue its extortion and exploitation of hapless and helpless workers and the masses so that their cronies in various financial centres can continue wallowing in unbridled consumption.

He added:”We wonder when it has become a crime for the people to save their meagre incomes in the Banks and whether it is the intention of government to encourage people to resort once again to keeping cash and using cash transactions instead of electronic transfers which has seem to have become an undoing for the people?

“While the CBN has exempted interbank transfers and loans transactions from this levy, the broader impact on everyday transactions cannot be overlooked. Such deductions directly affect the disposable income of workers and further diminish the purchasing power of the common citizen. Domestic manufacturers and other businesses are already shuttering as a result of the stifling socioeconomic environment yet, instead of creating a business-friendly environment to encourage greater investments in the economy, the opposite seems to be what is being practised. How can you attract foreign investment when you make the business environment difficult?

“Moreover, the threat of fines amounting to not less than two percent of an institution’s annual turnover for non-compliance adds further pressure on financial institutions, potentially leading to a trickle-down effect on consumers. Definitely the businesses will pass down these costs to consumers which will lead to further inflation in an economy that is already in the grips of hyper-inflation. How would domestic manufactured goods and services remain competitive in the midst of all these costs and how would the businesses expand capacity thus employ more Nigerians when they cannot sell their products because of high prices?

“Monies raised in the past have not helped in making lives better for the citizenry neither have they been seen in better infrastructural provisions. Extracting this levy from the people who are already kwashiorkored by government policies in order to throw money at Cybersecurity will not make our Cyberspace better just like it has been our experience in the past. We see this as a Cybersecurity levy that will inflict severe social security on workers and masses”.

admin by — May 7, 2024 in Labour/Human Resources 0
CBN Directs PoS Operators To Register With CAC Before July 7

Mohammed Shosanya

The Central Bank of Nigeria (CBN) has ordered all Point-of-Sale operators in the country to register their businesses with the Corporate Affairs Commission (CAC) in two months.

This was disclosed in a statement after a meeting between Fintechs and the Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji (SAN) in Abuja on Monday, May 7.

The CAC boss said the two-month timeline for the registration, which will expire on July 7, was not targeted at any groups or individuals but was “in line with legal requirements and the directives of the Central Bank of Nigeria.”

The statement said: “The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

“The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

“The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja.”

admin by — May 7, 2024 in Banking&Finance 0
Nigeria To Unveil 2024 Licensing Round Details At Invest In African Energy (IAE) Forum

Mohammed Shosanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will showcase its 2024 licensing round at a dedicated “Invest in Nigeria” session at the Invest in African Energy forum in Paris next week.

Responsible for the technical and commercial regulation of upstream petroleum operations in Nigeria, the Commission will unveil its energy development strategy for 2024, including its latest licensing round launched earlier this month.

The deadline for the bid round closes on January 2025 and round features 12 oil blocks – along with five deep offshore blocks from last year’s round – and a mix of greenfield, offshore and onshore assets.

Nigeria is seeking to attract local and international explorers to its acreage, with a view to increasing its reserve base, maximizing production and boosting energy security.

The presentation will be led by NUPRC CEO Engr. Gbenga Komolafe and Executive Commissioner, Exploration & Acreage Management, Indabawa Bashari Alka, and is part of a broader session promoting Nigeria’s latest energy sector developments.

In a bid to attract new investment, the Commission is seeking to establish a business-friendly environment by ensuring regulatory certainty and removing barriers to entry within Nigeria’s upstream industry.

The upcoming forum represents a strategic opportunity for investors to participate in Nigeria’s energy revolution, as the country targets up to $7.6 billion in upstream investments to restore production to 2.1 million barrels per day.

“The IAE forum is the premier platform where investors can access Africa’s leading investment opportunities – including licensing rounds and farm-in opportunities – and engage directly with African regulators. Criteria for Nigeria’s latest bid round will be unpacked during the session, along with additional opportunities in oil and gas exploration, LNG, refining and more,” says Sandra Jeque, Event & Project Director at Energy Capital & Power.

admin by — May 7, 2024 in Oil&Gas 0
Nigeria Reduces Power Supply To Benin, Niger, Togo

Mohammed Shosanya

The Nigerian Electricity Regulatory Commission (NERC) has ordered the System Operator (SO), a department in the Transmission Company of Nigeria (TCN) to commence the capping of power supply to cross-border customers in Benin Republic, Niger and Togo.

This is in a bid to increase power availability to Nigerians,a document tagged: ‘Interim Order on Transmission System Dispatch Operations, Cross-border Supply and Related Matters’,said.

The power sector regulator stated that the directive will last for six months in the first instance before review.

NERC’s order, dated April 29, 2024, and which became effective from May 1, 2024, was signed by the commission’s Chairman, Sanusi Garba, and Vice Chairman, Musiliu Oseni andIn the order, the regulatory agency directed that power delivery to Nigeria’s neighbours must not exceed six per cent of total grid electricity at any point in time.

It emphasized that following the implementation of the April 2024 supplementary order, the commission had observed sub-optimal grid dispatch operation practices.

It said that this has compromised the Distribution Companies’ (Discos) ability to deliver on its Service Based Tariff (SBT) committed service levels to end-use customers with a significant impact on market revenues.

NERC said the system operator’s sole reliance on limiting Discos’ load off-take/allocation in managing recurring grid imbalances while prioritising international off-takers and Eligible Customers (ECs) is neither efficient nor equitable.

The practice so far adopted by the operator in managing generation availability, it said, has caused significant hardship to Discos’ customers, comprising industrial, commercial, and residential, especially during peak demands while prioritising delivery to other bilateral contracts, including export to international customers.

It noted that the current international and bilateral contracts with Generation Companies (Gencos) were based on best-endeavour and with loose terms that are often below the minimum contract standards currently operated in the industry.

It said many of the off-takers contracted bilaterally by Gencos often abuse this prioritisation and raise their off-takers during peak operations beyond their contracted levels at the expense of other grid users without attendant penalties for violation of grid instructions.

According to NERC, the order serves as an interim measure to guide the operations of the system operator and the TCN to implement Standard Operating Procedures (SOPs) to improve transparency and fairness of grid operations in delivering better services to all customers.It urged the system operator to place interim caps on capacities supplied to international customers for six months from the effective date of the order, thus minimising the displacement and impact on domestic supply obligations by Gencos.

“The commission hereby orders as follows: The system operator shall develop and present to the commission for approval within seven days from the issuance of this order a pro-rata load-shedding scheme that ensures equitable adjustment to load allocation to all off-takers — Discos, international customers, and eligible customers — in the event of a drop in generation and other under-frequency related grid imbalances necessitating critical grid management.

“The system operator shall implement a framework to log and publish hourly readings and enforce necessary sanctions for violation of grid instructions and contracted nominations by off-takers in line with the grid code and market,” it stated.

It further directed that the system operator shall publish and notify all market participants and the commission of the previous day’s hourly log readings of off-take by market participants and the market settlements report by 12:00 noon of the next day.

“The system operator shall ensure that the maximum load allocation to international off-takers in each trading hour shall not be more than six per cent of the total available grid generation.

“The aggregate capacity that can be nominated by a generating plant to service international off-takers shall not be more than 10 per cent of its available generation capacity unless in exceptional circumstances a derogation is granted by the commission.“The system operator shall henceforth cease to recognise any capacity addition in bilateral transactions between a generator and an off-taker without the express approval of the commission,” it added.

It urged the system operator and TCN to immediately initiate and install integrated Internet of Things (IoT) meters at all off-take and delivery points of eligible customers, bilateral supplies, cross-border trades, and outgoing 33kV feeders of the Discos to provide real-time visibility of aggregate offtake by grid customers.“The installation of and streaming of data from the IOT meters should be completed within three months from the date of this order,” it added.

admin by — May 7, 2024 in Power 0
NUJ, NAS Seek Release Of Detained Journalist

Mohammed Shosanya

The Nigeria Union of Journalists (NUJ), Oyo State Council, and the National Association of Seadogs (NAS), Jolly Rogers Deck, have sought the release of Mubarak Bala, who has been detained for four years without trial.

This plea was conveyed on Monday during a courtesy visit by NAS to the union in observance of Year 2024 World Press Freedom Day.

The NAS delegation, led by its Capoon, Mr. Olufemi Adesope,was welcomed at the NUJ press center by the NUJ Chairman, Comrade Ademola Babalola, and other executive members.

Adesope said that the 72-year-old association, also known as the Pyrate Confraternity, was founded at the University College Ibadan to advocate for a society where peace and justice prevail.

He emphasised the association’s commitment to advancing UN development goals, including quality education, healthcare, strong institutions, and sustainable peace.

Adesope underscored the symbiotic relationship between the association and the press, acknowledging the media’s crucial role in fostering peace.

He praised the intellectual depth within the association and its dedication to providing solutions to the nation’s challenges.

Adesope reaffirmed the association’s commitment to collaboration with the press for the realization of a more just society.

He appealed to NUJ to join efforts in securing the release of Bala Mubarak, the detained president of the Humanist Association.

Replying,Babalola expressed gratitude for the visit and assured to positively looked into the collaboration between the body and the NUJ.

He commended NAS’s developmental initiatives, countering misconceptions about the association’s objectives.

Babalola encouraged NAS to persist in its endeavours towards a fairer society, pledging ongoing collaboration from NUJ.

He joined NAS to re-echo the call for Bala Mubarak’s release, emphasising the importance of the rule of law and sanctity of detainee’s human rights.

admin by — May 7, 2024 in Media 0
How PDP’ll Reclaim Ondo-Makinde, Adeleke

Mohammed Shosanya

Oyo State Governor, ‘Seyi Makinde, has declared that the Peoples Democratic Party (PDP) will reclaim Ondo State from the All Progressives Congress (APC) in the November 2024 governorship election.

He stated this on Monday, when he hosted leaders of the party from the South-West geopolitical zone, who converged on Ibadan to kick-start the process of reconciling PDP tendencies in Ondo State.

He noted that the PDP family has begun to speak with one voice and that the PDP governorship candidate, Mr. Agboola Ajayi and other parties would team up to ensure that the party has a strong showing at the polls.

According to him, all PDP leaders and stakeholders from across the six South-West states are behind the Ondo PDP candidate.

He said: “Our candidate HE Agboola Ajayi is here and the first step forward for us is to reconcile all the tendencies in Ondo State. This is because once we have a unified PDP in Ondo State, we have a path to the Alagbaka Government House.

“To God be the glory, we have spoken as one family. Our candidate has also been able to key into that process.

“So, for us, people should expect a very strong showing from the PDP in Ondo State in November by the grace of God. With our leaders from across the South-West standing behind our candidates in the state, I think it is a strong signal to the present occupier of the Ondo Government House. The PDP is coming and it will happen.”

Besides,Osun State governor, Senator Ademola Adeleke, said the South-West PDP came together to deliberate on the affairs of the party regarding the forthcoming election in Ondo State.

He added that the South-West PDP leaders congratulated Ajayi, who won the party primary in a transparent process that showed that the PDP is a democratic party that follows due process.

Adeleke said: “As you can see, everyone is happy as it is a family affair. We came over to Oyo State to meet with our brother, His Excellency, Governor Seyi Makinde, to deliberate on the PDP affairs as touching Ondo State.

“Of course, we congratulate our brother, Agboola, who won the primary, which went very well. Everybody now knows that PDP is a democratic party because we followed due process.

“We also want to begin the reconciliation process, because we know some people are upset and we believe our leaders will go back home to bring everybody together. Even Governor Makinde and I would be invited to Akure to see how we can move forward in the state ahead of the election in November.”

Also speaking,the PDP governorship candidate, Mr Agboola Ajayi, thanked Governors Makinde and Adeleke as well as the PDP leaders for their support ahead of the election.

He described the PDP as a formidable party in Ondo State, stating that all PDP members are one family and that they will deliver the state to the PDP fold in the November election.

“The leaders have spoken. They are leading and we will follow. I thank them for their massive support, especially the two South West governors; Governors Seyi Makinde and Adeleke.

“They have been of tremendous support and encouragement for the party in the states, particularly as it affects the forthcoming governorship election in Ondo State. I thank all of them. By the grace of God, I believe victory is ours.

“PDP is very formidable. All of us are here because we believe this is one family and we are going to deliver. Victory is certain for us in the next election,” Ajayi said.

The meeting had in attendance former Governor of Osun State, Prince Olagunsoye Oyinlola; former Governor of Ondo State, Dr Olusegun Mimiko; 2023 PDP governorship candidate in Ogun State, Hon. Ladi Adebutu, and a former PDP governorship candidate in Ondo State, Barrister Eyitayo Jegede.

Also in attendance were former Deputy National Chairman of the PDP, Chief Olabode George; PDP Deputy National Chairman (South), Ambassador Taofeek Arapaja; and South-West Chairman of the PDP, Barr. Kamoru Ajisafe, among others.

admin by — May 7, 2024 in Politics 0
Virtual Assets:SEC DG Goes Tough On Illegal Traders

Mohammed Shosanya

Pursuant to its bid to rid the Virtual Assets space of illegal trading activities, the Securities and Exchange Commission has reaffirmed its commitment to act decisively to uphold the integrity of the capital market and protect the interests of all investors.

Acting Director General of the SEC, Dr. Emomotimi Agama,disclosed this during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, Monday.

He stated that the SEC Nigeria will not hesitate to utilize all the powers within its mandate to handle issues that are negative and pose a threat to national interest saying that the Commission has come as a partner to seek collaboration in making sure that the capital market community is one that is respected globally for decency and fair play.

He said the recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the Naira has underscored the need for collective action and dialogue within the financial market ecosystem.

He added: “There are basic practices as enshrined in the Investments and Securities Act 2007 and we expect that everyone will abide by those rules. Some may say no rules to play by, but do not forget that we have the Investments and Securities Act 2007 that some actions by participants today may be violating, hence the law is the law irrespective of the technology used.

“However, for specific Digital Asset regulatory regime that many have been calling for, we want to assure you that we are working tirelessly to establish an accommodating regulatory guideline for digital assets. The SEC as your regulator is desirous to work with you by providing a level of assurance that is needed by all that are operating within the rules of the market”.

He stated that the proposed regulatory guidelines which is currently being fine-tuned with suggestions by various stakeholders, will encompass various activities within the cryptocurrency ecosystem ranging from Wallet providers, digital asset custodians and fund managers, Cryptocurrency Crowdfunding, Initial Coin Offerings (ICOs), Security Token Offerings (STOs), Initial Exchange Offerings (IEOs), Cryptocurrency Exchange platform providers, Virtual Asset brokerage services etc., ensuring that every Nigerian playing within the industry with the potential to contribute to economic progress is included, supported and properly regulated.

“I am poised for an innovative digital asset regulatory regime that will sustain Nigeria as Africa’s Digital Asset Powerhouse with diverse solutions like Real World Asset Tokenization (RWA) that will drive wealth and catalyse our capital market. We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result”.

“We have a great market ahead of us and we have the talents and the people to make the market great. Mr. President is concerned about the teeming youths involved in this space and would encourage them to do the right thing and develop an ecosystem that we all will be proud of. It becomes necessary that we do what is right. Manipulations and all forms of activities that undermines our national interest would not be acceptable. It is therefore very important that we know that the SEC by virtue of the Section 13 of the ISA speaks to the regulation of all capital market activities.

Agama expressed his gratitude to the leadership of the Blockchain Industry Coordinating Committee of Nigeria (Biccon) the umbrella body of all major blockchain and cryptocurrency Associations in Nigeria, and assured them of the commission’s readiness to work closely with all stakeholders in the cryptocurrency ecosystem to create a better country for all of us.

“With our deep understanding of this industry and the cryptocurrency sub sector, we recognize the importance of collaboration and cooperation in addressing the challenges we face; hence your insights and suggestions are invaluable as we seek to navigate these complexities together. We need your support as much as you need ours.

“On that note, I want to emphasize that we are working on different fronts to sustain decent practices within our market, however, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction p2p inclusive irrespective of the challenge we all know that p2p trading posses. We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner, to enable us to achieve the desired result.

Agama stated that one of the things that needs to be done is delisting the naira from P2P space in order to avoid the level of manipulation that is currently happening enjoining participants in the crypto space to be patriotic enough to name and shame those that are involved in disrupting the markets negatively.

“I want to seek your co-operation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to assure that this management will ensure that people or institution that require registration with the SEC are quickly licenced. We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult.

“We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. We encourage you to reach out to us by naming and shaming the bad actors. Together, I am confident that we can weed out bad actors and harness the immense potential of this progressive technology for the benefit of all Nigerians in tandem with this government’s renewed hope agenda”, he added.

In his remarks, the Chairman of the Fintech Association of Nigeria Dr. Babatunde Oghenobruche Obrimah commended the Director General for his bold steps and the relationship with the ecosystem and pledged their commitment to work with the DG and grant him all the support that will help him succeed in sanitizing the virtual ecosystem.

On their part, BICCoN requested the setting up of working group to tackle the various challenges facing the crypto space and in a bid to move the market forward.

admin by — May 7, 2024 in Regulators 0