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Revenue drive: FG inaugurates ‘Project Lighthouse’ steering committee

Revenue drive: FG inaugurates ‘Project Lighthouse’ steering committee

 The Minister of Finance, Mrs Zainab Shamsuna Ahmed on Friday in Abuja, inaugurated the Steering Committee for “Project Lighthouse” targeted at boosting the revenue drive of the nation’s economy. In a statement by the Minister’s Special Adviser on Media and Communications, Mr Paul Ella Abechi, the Steering Committee for the laudable project will be chaired by the Minister of Finance ... Read More »

FAAC SHARES N616.198b TO FG, STATES AND LGs FOR APRIL 2019

FAAC SHARES N616.198b TO FG, STATES AND LGs FOR APRIL 2019

BY ONYEKA AJUMOBI ONOCHIE The Federation Accounts Allocation Committee (FAAC) has shared a total of N616.198 billion to the three tiers of government for the month of April, 2019. The Committee announced that as at 20th May, 2019, the balance in the Excess Crude Account was $144million. The total distributable revenue of N616.198 billion comprised revenue from Value Added Tax (VAT), Exchange Gain ... Read More »

UBA opposes Sahara Energy’s application to vacate order to advertise winding up petition

UBA opposes Sahara Energy’s application to vacate order to advertise winding up petition

United Bank for Africa (UBA) has asked Justice Mohammed Liman presiding over a Federal High Court in Lagos to dismiss a motion filed by a Petroleum resources firm, Sahara Energy Limited, seeking a discharge of an ex-parte order allowing the bank to advertise a petition it filed to wind-up the firm over alleged N15 billion debt. The bank is currently ... Read More »

Fuel Price Hike Looms As Senate Removes Subsidy Clause From PIGB

Fuel Price Hike Looms As Senate Removes Subsidy Clause From PIGB

The possibility of an increase in the prices of petroleum products particularly Premium Motor Spirit (PMS) known as petrol is now very high as the Senate on Tuesday expunged Petroleum Equalisation Fund (PEF) clause from the Petroleum Industry Governance Bill (PIGB). PEF is a measure introduced over 35 years ago to ensure that prices of petroleum products are equalized across ... Read More »

Ibe Kachikwu, Other African Oil Ministers To Meet In Cape Town On Future of Energy Industry

Ibe Kachikwu, Other African Oil Ministers To Meet In Cape Town On Future of Energy Industry

“With pressure growing on Sovereigns to develop attractive operating environments, the ministers will be detailing their hydrocarbon strategies to an audience of 1500+ senior executives from the entire upstream value chain, including NOCs and IOCs, Independent Operators, the Geoscience community, Service Companies and EPCs and the investment community.” PRESS RELEASE Ministers from some of Africa’s largest oil and gas producing ... Read More »

Nigeria, other W/Africa countries lose $2.3bn to maritime piracy in 3 years

Nigeria, other W/Africa countries lose $2.3bn to maritime piracy in 3 years

The total economic cost of piracy in West Africa has been estimated as $777.1 million annually between 2015 and 2017 in addition to human costs as the Gulf of Guinea experienced an escalation of piracy, kidnapping and armed robbery at sea incidents in recent years. A 2018 report stated that attacks in the region more than doubled in 2018, accounting ... Read More »

Asian markets mostly rise despite US-China trade talks reportedly hitting a roadblock

Asian markets mostly rise despite US-China trade talks reportedly hitting a roadblock

The Nikkei 225 in Japan added 0.35% in afternoon trade, as shares of index heavyweights such as Fast Retailing and Softbank Group advanced. The Topix also edged up, CNBC reports. The moves came after Japan’s economic growth in the first quarter rose above expectations. Japan’s economy grew at an annualized 2.1% in the first quarter, gross domestic product (GDP) data ... Read More »

N15billion Debt: Court Orders Winding Up Petition Against KEPCO Company To Be Advertised

N15billion Debt: Court Orders Winding Up Petition Against KEPCO Company To Be Advertised

By Our Correspondent A Federal High Court sitting in Abuja, the Federal Capital Territory, has ordered that a winding up petition filed by United Bank for Africa Plc (UBA) against a limited liability company, KEPCO ENERGY RESOURCES NIGERIA LIMITED (RC 6900064) over the inability of the company to pay a debt of N15,221,674,976.4 be advertised in the Federal Gazette and ... Read More »

NPA Terminates Intels Pilotage Contract over Failure to Remit $145.84m

NPA Terminates Intels Pilotage Contract over Failure to Remit $145.84m

After about two years of bickering, the Nigerian Ports Authority (NPA) has terminated its boats pilotage monitoring and supervision agreement with Intels Nigeria Limited, THISDAY reports. Intels is a leading integrated logistics and facilities services provider in the maritime and oil and gas logistics sectors of the economy. In a letter dated March 29, 2019, addressed to the Managing Director ... Read More »

FG targets $72.9bn investments from newly licensed FTZs, others

FG targets $72.9bn investments from newly licensed FTZs, others

The Federal Government is targeting $76.25bn investments from some of its newly licensed free trade zones, statistics obtained from the Nigeria Export Processing Zones Authority have revealed, Sunday Punch reports.. The zones are expected to boost the country’s industrialisation as well as the economic diversification agenda of the Federal Government. In line with the Nigeria Industrial Revolution Plan, the government ... Read More »

TSA: WE WILL GIVE OUR BEST TO SUPPORT GAMBIA TO SUCCEED –  AGF

TSA: WE WILL GIVE OUR BEST TO SUPPORT GAMBIA TO SUCCEED – AGF

BY ONYEKA AJUMOBI ONOCHIE The acting Accountant-General of the Federation (AGF), Mr. Mohammed Kudu Usman, has promised the support of the Office of the Accountant-General of the Federation to the visiting Gambian team on Treasury Single Account (TSA). Mr. Usman announced this while receiving the delegation which was in Nigeria to understudy the workings of the TSA as it operates ... Read More »

Don’t release N649bn Paris Club refund to outgoing govs, NLC, others tell FG

Don’t release N649bn Paris Club refund to outgoing govs, NLC, others tell FG

The Nigeria Labour Congress and some civil society organisations have advised the Federal Government to delay the disbursement of the N649bn Paris Club refund to states until after the inauguration of incoming governors on May 29, The Punch reports. This followed the disclosure by the Minister of Finance, Mrs Zainab Ahmed, at a press conference that the Federal Government was ... Read More »

FG says N649b Paris Club refund ready for states

FG says N649b Paris Club refund ready for states

The Federal Government on Thursday said States are to share N649 billion – the final tranche of the Paris Club Refund. Minister of Finance, Mrs Zainab Ahmed however said debtor-states will have to settle their debts soon, adding that the Federal Government plans to begin the final phase of the debt refund. Mrs Ahmed told reporters at a news conference ... Read More »

Emefiele spoke the truth to Senators on palm oil price advantage over crude oil –NPPAN

Emefiele spoke the truth to Senators on palm oil price advantage over crude oil –NPPAN

MEMBERS of the National Palm Produce Association of Nigeria (NPPAN), on Thursday, declared they were ready to substantiate the assertion of the Governor of the Central Bank of Nigeria (CBN), Dr Godwin Emefiele with “incontrovertible evidence” that the price of palm oil was higher than crude oil in the global market. They were reacting to the claim by Dr Emefiele, when ... Read More »

Breaking: Senate Confirms Emefiele For Second Term As CBN Governor

Breaking: Senate Confirms Emefiele For Second Term As CBN Governor

The Senate has confirmed Mr Godwin Emefiele for a second term of five years as Governor of the Central Bank of Nigeria (CBN) The confirmation followed the adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions presented by Senator Rafiu Adebayo during Thursday’s plenary. In his remarks, the Senate President, Dr Bukola Saraki, urged ... Read More »

NIMASA commences process to end gas emission on vessels

NIMASA commences process to end gas emission on vessels

The Nigerian Maritime Administration and Safety Agency (NIMASA) on May 10 had a landmark inaugural installation ceremony of the Thorium-X tablet, a fuel consumption data collection device, on board a Nigerian-flagged fuel tanker vessel, MT KINGIS, commencing the process targeted at ending green-house gas emissions on vessels. The pilot project, which came as fallout of the Maritime Technology Cooperation Centre ... Read More »

Minister Denies Involvement In Timber Smuggling At Ports

Minister Denies Involvement In Timber Smuggling At Ports

BY ONYEKA AJUMOBI ONOCHIE The Minister of Environment, Alhaji Suleiman Zarma, has denied links with syndicate which specializes in the smuggling of illegally felled woods out of Nigeria. He said he is also not involved in the current activity of unscrupulous Nigerians who, together with their foreign counterparts, engaged in unpatriotic activities aimed at depletion of Nigeria’s forest reserves for ... Read More »

Economic growth: Gov Sani-Bello calls for support for private sector driven investment

Economic growth: Gov Sani-Bello calls for support for private sector driven investment

Niger State Governor, Alhaji Abubakar Sani-Bello has called on government at all levels to support the private sector in order to encourage investors and improve the economy of the country. Governor Sani-Bello made the call when he paid a courtesy call on the Managing Director of Vertex Agro Limited, Mr. Daniel Gemana in his office at Gauraka, in Tafa Local ... Read More »

Buhari renews Emefiele’s term as CBN Governor, seeks Senate confirmation

Buhari renews Emefiele’s term as CBN Governor, seeks Senate confirmation

President Muhammadu Buhari has written the Senate, announcing his renewal of the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, for a second term of five years. In a letter to the Senate President, Dr. Bukola Saraki, dated May 8, 2019, Buhari said the reappointment followed the expiration of Emefiele’s first term tenure. The letter titled, “Renewal of the ... Read More »

AMCON drags Venture and Engineering Company to court over N9.3billion debt

In a bid to recover a debt of N9,302,894,097.94, the Asset Management Corporation of Nigeria, AMCON, has dragged Ventures and Engineering Company Limited before a federal high court in Lagos. In a statement of claim filed before the court by a Lagos lawyer, Ayo Obe, it was alleged that Ventures and Engineering Limited, a company registered in accordance with company ... Read More »