Business News Archives — Page 31 of 32 — Business Bells

Category: Business News

  • FG Targets Two Modular Refineries In Bayelsa

    FG Targets Two Modular Refineries In Bayelsa

    The management of the Nigerian Content Development and Monitoring Board said on Wednesday that construction of the 2,000 barrels per day modular refinery in Brass, Bayelsa State, will commence very soon.

     

    The modular refinery is the fourth supported by the NCDMB under the Federal Government’s plan to use modular refineries to drive the development of the Niger Delta region.

     

    The board had injected equity capital funds in three modular refineries with the Waltersmith 5000 bpd modular refinery at Ibigwe, Imo alreading in operation.

     

    Others are the 12,000 bpd Hydroskimming modular refinery being constructed by Azikel Petroleum Limited at Obunagha, Gbarain, Bayelsa and the 2,500 bpd modular refinery being developed by Duport Midstream Company as part of its Energy Park in Egbokor, Edo.

     

    The Manager, Corporate Communications, NCDMB, Naboth Onyesoh, said in a statement on Wednesday that the projects also included a power plant and logistics jetty to provide support for oil and gas operations.

    A local modular refinery In Bayelsa

    He said the Minister of State for Petroleum Resources, Timipre Sylva, performed the groundbreaking ceremony of an Energy Infrastructure Park on Saturday at Okpoama in Brass Local Government Area of Bayelsa.

     

    Onyesoh said the minister also commissioned three Corporate Social Responsibility projects executed by the Atlantic International Refinery for the people of the Okpoama Kingdom.

     

    The projects included the Okpoama Cottage Hospital, Iseleama Health Centre and Okpoama Community Water Works.

     

    The statement quoted Sylva as saying at the event that one of the best strategies to curb restiveness in the Niger Delta region was to create jobs and opportunities for youths.

     

    The minister also said that part of his mandate is to collaborate with players in the private sector to establish oil and gas facilities, including modular refineries.

  • FirstBank Grants Money Agents Loan Facilities

    FirstBank Grants Money Agents Loan Facilities

    First Bank of Nigeria Limited has said it is providing loan facilities of up to N1m to its banking agents.

     

    The bank said this in a statement on Tuesday titled ‘Firstbank empowers its firstmonie agents with up to N1m’.

     

    According to the statement, it has over 86,300 Firstmonie agents, spread across the country’s 772 Local Government Areas.

     

    FirstBank said with its location in every neighbourhood, Firstmonie agents had been integral to filling the financial exclusion gap, providing convenient banking services that were easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services.

     

    The  bank said its financial inclusion activities were in line with the mandate of the Central Bank of Nigeria to ensure the availability of affordable financial products and services to all individuals and groups of people in the country, irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities.

     

    The Firstmonie agent channel was among the bank’s many initiatives to expand financial access in the country, it stated.

     

     

  • SAB Resumes Production As South Africa Again Lifts Alcohol Ban

    SAB Resumes Production As South Africa Again Lifts Alcohol Ban

    The South African Breweries (SAB) has announced the resumption of production, sales and distribution trade following the decision of the South African Government to partially lift its latest alcohol sales ban, which was initially imposed to combat the Covid-19 health crisis.

     

    The Brewer tweeted: “SAB welcomes the resumption of trade, a positive step towards rebuilding the economy Together, we can create collaborative solutions for a better, sustainable future, which balances lives and livelihoods. This can only happen when we are responsible together.”

     

    The alcohol bans which resulted in job losses, increase in illicit trading, and a significant decline in economic contributions, prompted major companies like Heineken and Glass manufacturing company—Consol Holdings Limited to halt investments and suspend production. Heineken also announced a 7% trim of its workforce and a necessary move to restructure its operations.

     

    In late March 2020, the country implemented the first ban on the sale and distribution of alcohol and tobacco as a way of curbing the spread of the covid-19 pandemic. The ban was re-imposed in July, reversed in August; and in December, a third ban was announced.

     

    The third ban was actively opposed by South African Breweries as the Company was set to contest the constitutionality of the re-ban in court, stating that the ban would be putting over 1 million livelihoods across its value chain at risk.

     

    The United States, amongst others has placed a travel ban from South Africa in an effort to stop the spread of the highly infectious 501Y.V2 variant, which is believed to have originated there and which is suspected to be more resistant to vaccines. South Africa’s active coronavirus cases are beginning to decline, although with reported deaths and hospitalizations starting to follow suit. The country is the hardest hit on the African continent, with more than 1.45 million cases identified to date.

     

    New restrictions have also been imposed as retail outlets will now sell alcohol between 10:00 and 18:00 from Monday to Thursday, and licensed outlets can serve drinks on-site from 10:00 to 22:00.

  • FG Approves N1.3bn Surveillance Equipment For Lagos, Abuja Airports

    FG Approves N1.3bn Surveillance Equipment For Lagos, Abuja Airports

    The Federal Executive Council on Wednesday approved a contract worth about N1.3bn for the design, supply, and installation of PTZ long-range tarmac camera surveillance system at the Murtala Mohammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport, Abuja.

     

    The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, Abuja after a meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).

     

    Mohammed briefed the journalists on behalf of the Minister of Aviation, Hadi Sirika.

     

    “The total sum of the contract is N1,278,594,250. This is in order to upgrade and provide security and safety for the Federal Airport Authority of Nigeria, especially to avoid incidence on the air site and runway,” he said.

     

    Mohammed added that the council approved a contract worth N783,521,275 inclusive of 7.5 percent VAT for the procurement of two hydrographic survey boats for the National Inland Waterways Authority.

     

    The minister who briefed journalists on behalf of the Minister of Transportation, Rotimi Amaechi, said the contract was awarded in favour of Messrs First Index Project and Services Limited with a completion period of six months.

     

    Minister of Industry Trade and Investment, Niyi Adebayo, on his part, said the council approved N35bn for the building of a power station by the Nigerian Export Processing Zone Authority in Akamkpa, Cross River State.

     

    Adebayo said the contract for the power station, which to power the Calabar Export Processing Zone, was awarded to Messrs Mutual Commitment Nigeria Limited.

     

    According to him, the exact contract sum is N35,411,119,159.47 and the contractor will finance 75 percent of the project, which is in the sum of N26,558,339,337.10 while the NEPZA would finance 25 percent which translate to N8,852,779,792.37.

     

    He said the council approved a payback period of 10 years of the contractor’s portion.

     

    Adebayo said on completion after 11 months, the plant will be operated by the contractor for five years during which it will build local capacity that will take over the running of the plant.

     

    He said, “The whole intention of the upgrade of the two zones is to create zones with world-class standards. The Ministry of Industry, Trade, and Investment is desirous of making Nigeria a manufacturing hub, especially now that we have signed on to the Africa Continental Free Trade Area Agreement.

     

    “So, by putting 24-hour power in the two processing zones, it will make it more attractive to foreign investors to come and set up manufacturing concerns here in Nigeria.”

  • NIN-SIMs Linkage: Bilesanmi Blows Hot, Urges Buhari, Pantami to Stop Sacrificing Subscribers’ Lives

    NIN-SIMs Linkage: Bilesanmi Blows Hot, Urges Buhari, Pantami to Stop Sacrificing Subscribers’ Lives

    • Says NIN/SIM Deadline Extension Should Be for Six Months, Not 8 Weeks

     

    By Adejuwon OSUNNUYI

     

    With the ongoing NIN-SIMs linkage deadline extended by eight weeks, the Association of Telephone, Cable TV & Internet Subscribers (ATCIS) has again challenged Nigerian authorities for its continued indifference attitude of exposing Nigerians to the risk of losing their lives while trying to register for the National Identity Number as well linking same to their SIM cards.

     

    The concern of the association becomes imperative in the light of growing cases of Coronavirus pandemic in the country and the sad loss of lives recorded on daily basis to the dreaded disease.

     

    Speaking at a meeting in Abuja on Tuesday, the National President of ATCIS, Prince ‘Sina Bilesanmi said while the NIN-SIM harmonization could be said to be important, the lives of subscribers are more important.

     

    Bilesanmi said President Mohammadu Buhari should heed the voice of reason by suspending the NIN registration in the face of rising cases of the Covid-19.

     

    According to the ATCIS President, “It is very disheartening that at a time when people are encouraged to stay at home and stay safe; when social distance has been acknowledged as the most potent prevention of further spread of the virus, the Minister of Communications and Digital Economy has thrown caution into the wind by forcing the subscribers to fight for their SIMs from being blocked, while in the process get their lives endangered.”

     

    “Honestly, I don’t know the reason behind this call for registration at this odd period of coronavirus pandemic. Our government must put health and safety of our people into consideration because COVID-19 is real.

     

    “COVID-19 is not a glamorous disease, neither is it a hoax. Except our government is deliberately trying to endanger the lives of Nigerians, the exercise should be suspended immediately.”

     

    The Business Bells recalls that the NIMC staff had embarked on strike action over what they described as exposure to risks of COVID-19, among other demands.

     

    Before the suspension of the strike, many Nigerians had expressed frustration while trying to get enrolled for their NIN, just as some alleged that they were asked by NIMC staff for financial inducement before they could be registered.

     

    Speaking further, Bilesanmi said, “More importantly, we expect the government to do better and abolish the fear around NIN-SIM harmonization by extending the deadline as recommended to avoid losing the gains of the exercise to a possible explosion in Coronavirus cases which is more life  threatening than a SIM without a NIN.

     

    He noted that the NIN/SIM deadline extension should be for at least six months, and not the 8 weeks as announced by the Minister of Technology and Digital Economy.

     

    In the opinion of ATCIS, the insistence of the government on the new deadline, April 6, 2021 for the full linkage of NINs to the over 208 million active telephone subscribers in the country has led to human deluge at various NIN registration centres in the country.

     

    The association said since the government made the irrational decision to disconnect all telephone subscribers without NIN on the stipulated deadline, it has observed from its visitations to different state centres of the National Identity Management Commission that the centres have become a breeding ground to COVID-19.

     

    “We find it rather absurd for the government to insist on ‘NINing’ of all subscribers within such can unrealistic deadline, given that NIMC had only managed to issue about 43 million NINs even with its about 14-year hard work.  Does the Minister really want Subscribers to sacrifice their lives to retain their telephone lines? We wonder!”

     

    “Minister, NCC and the MNO’s disclosed that so far, about 56.18 million NINs have been collected by telcos. This may be seen as an achievement on the part of the government and its agents. However, given the current precarious state of public health in the country, ATCIS’s concern goes beyond how many NIN-SIM linkages have been achieved, but at what human cost?”

     

    The National President of ATCIS however urged the 106.2 million subscriber members yet to be linked  to submit their NINs before April 6, 2021 deadline.

     

    According to him, subscribers should act responsibly by observing COVID-19 preventive protocols as they go out to enroll at various NIN registration centres across the country.

     

    While speaking on the license granted some other private and public organisations by the commission to provide NINs in order to address the crowds at commission’s offices, the ATCIS  urged the federal government / NIMC to compel the Association of Licensed Telecommunication Operators of Nigeria (ALTON) to ensure that personal data of subscribers are safe with its members ( telecom operators).

     

    “ALTON should assure ATCIS that subscribers’ NIN-data are safe with its members,” he said.

     

    Speaking on his determination to continued speaking and fighting for the rights of Nigerian telephone and cable subscribers, Bilesanmi said over the years, in its sustained effort in protecting the interest and right of telecoms subscribers in Nigeria, the association, ATCIS has spent about N367million since 2014 till 31st January, 2021which has basically been on self-sponsored by members without government agency like NCC, NBC and NIMC input.

     

    The association has made over 630 newspaper publications, both local  and international  as well as online news publication, Radio and National Television Station Interviews with about  95 landmark achievements so far.

     

  • Davido Plans To Invest in Bitcon Company

    Davido Plans To Invest in Bitcon Company

    Popular Nigerian singer, Davido, has taken to his verified Twitter account to reveal that he intends to float a bitcoin company.

     

    He tweeted, “Thinking of starting a bitcoin trading company… let’s see…”

     

    The FEM singer has always made it known that he plans to retire from music in future and it appears he is taking steps towards that goal.

     

    Recently, the father of three took to his page on Twitter with a tweet in which he noted that he is gradually becoming a member of his father’s Pacific Holdings company.

     

    He wrote, “Omo nah 2021 I don Dey Chook head small small.”

     

    Although the pop star is one of the biggest singers in Nigeria and Africa at the moment, he has always hinted that he will not do music forever.

     

    About a month ago, his tweet revealed that he contemplated quitting music, “I go leave this music for una,” he wrote.

     

    After much persuasion from his fans, he rescinded on his decision.

  • FG, Labour To Consider Electricity Tariff, Fuel Price Reports Feb 22

    FG, Labour To Consider Electricity Tariff, Fuel Price Reports Feb 22

    The Federal Government and the organised labour will reconvene on February 22 for the consideration of the reports of the bipartite technical committees on fuel price and electricity tariff.

     

    The Minister of Labour and Employment, Senator Chris Ngige, disclosed this Monday night while briefing journalists after a bipartite meeting between the FG and the organised labour at the Banquet Hall of the Presidential Villa, Abuja.

     

    Ngige said they received and adopted the report of the Technical Committee on Premium Motor Spirit Pricing Framework, while that of the Electricity Tariff Committee was expected in a week’s time.

     

    He explained that the organised labour requested for some time to subject the report on PMS pricing to their organs for further investigation.

     

    “It is a technical report, so they needed further investigation of the report by their own technical research team. The Technical Committee on electricity tariff has not finished. We expect the report in a week’s time. So, cogently, we are reconvening on 22nd of this month to take both reports,” Ngige noted.

     

    The report of the Technical Committee on PMS Pricing was presented at the meeting by the Chairman of the Committee, Onochie Anyaoku, a former Executive Director, Refineries Operations and Petrol Pricing in the Nigerian National Petroleum Corporation.

     

    Anyaoku explained that the committee at its meeting on December 16 developed guiding principles and a work schedule, distinct from the primary function of the Petroleum Products Pricing Regulatory Agency to develop a transparent methodology and a template that will serve as the guide on realistic PMS pump price and benchmark all pricing elements of the PMS pricing template with neighbouring countries.

     

    He stated, “Based on extensive review of the pricing framework and in line with the terms of reference of the committee, the following recommendations were proposed and adopted:

     

    “PPPRA to convene periodic meetings with PPMC and other importers to ensure actual cost of supply reflective determination as an interim solution.

     

    “NLC, TUC, PENGASSON and NUPENG to witness the transparent determination at the periodic meeting.

     

    “PPPRA frequently monitor data of Rotterdam supply chain values. This should continue to form the basis of price determination until the West African basket is liquid and transparent enough to warrant its adoption in the pricing template.

     

    “All importers including NNPC to adopt the same forex window used by PPPRA to ensure alignment and accurate pricing. PPPRA board to adopt weighted average as the basis of determination.

     

    “Government to enforce immediate collection of NPA and NIMASA charges in naira to reduce pressure on forex demand and pump price hike.

     

    “To develop adequate communication strategy on the necessity of deregulation and the benefit to the people, to create public awareness and gain acceptability of deregulation, which will reduce the pressure on labour to react to fuel increase.”

     

    “Deregulation is a huge change in national policy but highly desirable in this stage of our national development policy, for which its implementation requires trust building steps and commitment to visible frugal spending by government.”

  • Just In: Respite As FG Extends NIN Registration to April

    Just In: Respite As FG Extends NIN Registration to April

    In what could be seen as a big relief to most Nigerians, the federal government has again extended the ongoing National Identification Number (NIN) and Subscriber Identity Module (SIM) integration exercise by eight weeks, with a new deadline of April 6, 2021.

     

    In statement issued by the Public Affairs Director of the Nigerian Communications Commission, Dr. Ikechukwu Adinde, the Minister of Communications and Digital Economy, Dr. Isa Pantami, said the decision was taken during the meeting of the Ministerial Taskforce on NIN-SIM registration held on the 1st of February, 2021.

     

    Pantami stated that the extension is to give Nigerians and legal residents more time to integrate their NIN with their SIMs.

     

    The minister reiterated the need for Nigerians and legal residents who are yet to register for the NIN to be diligent and take advantage of the extension to enroll for their NIN and link with their SIMs.

     

    The meeting was chaired by the Minister and attended by key stakeholders, including the EVC/CEO of the Nigerian Communications Commission (NCC), DG/CEO of the National Identity Management Commission (NIMC), DG/CEO of the National Information Technology Development Agency (NITDA) and the Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON).

     

    Others include the MD/CEOs of MTN, Airtel, 9Mobile, Ntel, Spectranet, SMILE, as well as the COO of Globacom.

     

    It was reported that a total of 56.18 million NINs have been collected by the mobile network operators.

     

    Each NIN is usually tied to an average of 3 to 4 SIMs and this infers that the current figure accounts for a significant portion of the existing SIMs.

     

    This number of NINs collected represents a significant increase when compared with the 47.8 million reported by the Technical Committee on January 18, 2021.

     

    Furthermore, over 1060 registration centres for NIN have been activated and made operational by NIMC across the country, while Mobile Network Operators (MNOs) have opened hundreds of centres and are rapidly deploying resources to open thousands of other NIN enrolment centres across states of the country.

     

    This is in line with the policy of the administration of President Muhammadu Buhari to enhance security and make the process of obtaining NINs easier for Nigerians.

     

    The CEOs of the Telcos and the Chairman of the Association of Licensed Telecommunications Organisation of Nigeria commended the Honourable Minister for his stellar leadership and commitment to the rapid development of the sector.

     

    It would be recalled that the 4th of February, 2020 was the initial date of the commencement of the National NIN-SIM Registration Policy.

     

    The Federal Government applauds all Nigerians and persons of other nationalities for their understanding, cooperation and for enthusiastically participating in the exercise.

     

    The Minister also commended the efforts of NIMC, NCC, MNOs and all other relevant government and private sector organisations for their unflinching support towards the success of the exercise.

     

    President Muhammadu Buhari has expressed his satisfaction with the progress made regarding the NIN-SIM linkage and commended the Honourable Minister and all stakeholders for their roles.

     

    He encouraged citizens to take advantage of the extension to fully participate in the process.

     

    The Honourable minister implores applicants to follow the safety guidelines at all the NIN enrolment centers and ensure compliance with the booking system in place.

     

    This protocol is in line with the Executive Order on COVID-19 2020 signed by President Muhammadu Buhari on the 27th of January 2021, in keeping with the provisions of the Quarantine Act 2004.

     

    It is noteworthy that Sections 27 and 29 of the National Identity Management Commission Act 2007 provides for the mandatory use of National Identity Number for transactions, including application and issuance of a passport, opening of personal bank accounts, purchase of insurance policies, voter registration, obtaining credit, among others.

  • Don’t Blame Nigerians For Transparency Ranking, SERAP Tells Buhari

    Don’t Blame Nigerians For Transparency Ranking, SERAP Tells Buhari

    The Socio-Economic Rights and Accountability Project, SERAP has urged President Muhammadu Buhari to take full responsibility for Nigeria’s poor ranking on Transparency International’s Corruption Perception Index.

     

    The CPI placed Nigeria as the second most corrupt country in West Africa with Guinea Bissau in the first position.

     

    In reaction, SERAP, in a statement on Monday, advised the President to stop blaming Nigerians for the report, stressing that his regime should see the ranking as an opportunity to raise its game to fight grand corruption and end the legacy of impunity in the country.

     

    The statement said, “We urge the government of President Buhari to take full responsibility and stop blaming Nigerians for the country’s poor ranking in Transparency International’s Corruption Perception Index (CPI), published last week.

     

    “Rather than looking for excuses, blaming Nigerians and attacking Transparency International, the government should see the ranking as an opportunity to raise its game to fight grand corruption, and end the legacy of impunity of perpetrators in the country.

     

    “According to Transparency International’s report, the perception of corruption has worsened under President Buhari. The 2020 Index scored Nigeria 25 out of 100 and named the country the second most corrupt nation in West Africa, raking Nigeria 149 out of 180 countries.

     

    “TI’s findings correspond substantially with the reality of impunity of perpetrators, as shown for example, by the persistent failure to obey court judgments, such as the judgment of Justice Idris which ordered release of spending details of recovered stolen assets since 1999.

     

    “The Buhari government is still failing to implement critical reforms, ensure transparency in the spending of security votes, and to address widespread corruption in MDAs, as documented by the Office of the Auditor-General of the Federation.

     

    “Several former state governors accused of corruption are still not held to account. Yet, many of these governors continue to receive life pensions. Similarly, public officials still use political power to enrich themselves without considering the public good.

     

    “Authorities should take the report seriously and use it as an opportunity to raise their game in their efforts to rid our country of corruption and underdevelopment.

     

    “The government should obey court judgments, end life pensions for former state governors, stop corruption in security votes spending, and address corruption in MDAs, if Nigeria is ever going to improve on its global anti-corruption ranking.”

     

  • Corruption: Presidency Blames Nigerians For Transparency’s Poor Ranking

    Corruption: Presidency Blames Nigerians For Transparency’s Poor Ranking

    The Presidency has blamed Nigerians for the country’s poor ranking on Transparency International’s 2020 Corruption Perception Index in which Nigeria scored 25 out of 100 and was named the second most corrupt nation in West Africa and ranked 149 out of 180 countries.

     

    The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this on Channels Television’s Sunrise Daily programme on Monday, barely two days after the Minister of Information, Lai Mohammed, discredited the Transparency’s report.

     

    Responding to a question, Shehu said the report is a reflection of corruption by Nigerians and not by the Buhari administration.

     

    He said, “I’ll tell you that this one by TI is not a judgment on Buhari or his administration or its war against corruption, I will tell you that this one is a judgment on Nigerians because if you look at the indices they used at arriving at these conclusions, they used eight indices, six of which showed Nigeria as being more or less Nigeria in the same position.

     

    “The two that they dwelled on, that caused this backslide, are essentially Nigerian problems. They’re talking about the political culture of this country, vote-buying, thuggery. Is it Buhari that is a thug? We’re not doing thuggery.

     

    “And when they talk about the justice sector, they are talking about perceived corruption in the judiciary. These perceptions are essentially not correct. Yes, there are issues in that sector but so many changes are going on in that sector wouldn’t it have been nice if they acknowledged it so that you encourage those judicial officers that are upright, and then the system gets getting better.”

     

    Shehu’s position, however, differs from that of Transparency which drew its conclusion from 13 data sources that capture the assessment of experts and business executives on a number of corrupt behaviours in the public sector including bribery, diversion of public funds, use of public office for private gain and nepotism in the civil service.