Operators
Nigerian government mulls TCN’s unbundling, partial concession to boost power supply
The federal government is considering the unbundling and partial concession of the Transmission Company of Nigeria (TCN) to boost its efficiency in the government’s bid to improve power supply. Director, Energy, Bureau of Public Enterprises (BPE), Mr. Yunana Malo, said during the March edition of “the Electricity Hub” conversation series on power that the National Council on Privatisation (NCP) had directed that a proper strategy should be mapped out for the unbundling of TCN. He stated that the government believed that all the players in the energy value chain should be able to align with the needs of the power sector seamlessly, adding that the right environment is being created for the transmission component to match generation and distribution. Malo said data was key to making decision...
NPA suspends export receipts at Lagos ports
The Nigerian Ports Authority (NPA) on Monday announced the suspension of export receipts at Lagos ports for two weeks. The NPA Spokesperson, Ibrahim Nasiru, said in a statement that the suspension was part of efforts to improve access to, and service delivery at Apapa and Tin Can Island Ports. “The authority hereby announces a 14-day suspension of export receipts at both ports and all satellite truck parks, with effect from March 22. “This development is necessitated by the need for consultations with export cargo stakeholders and the Nigerian Export Promotion Council (NEPC) on the harmonisation of procedures required of owners of this category of cargo. “Stakeholders should please note that this suspension does not affect export refrigerated cargo and trucks whose operators have secured c...
President Buhari charges security agencies improve Nigeria’s ranking on global security index
Worried by the rising level of insecurity in the country, President Muhammadu Buhari on Thursday charged the nation’s security agencies to up the ante in their drive towards protection of lives and property. He also directed the Nigeria Immigration Service (NIS) to improve surveillance and control around the nation’s borders so that criminal elements won’t find Nigeria as a safe haven to hide and perpetrate their criminality. The President, in a speech at the virtual Commissioning of the Nigeria Immigration Service (NIS) Technology Building, instructed all security agencies to raise their performance in protecting lives and property, with a mandate that the country’s Global Security Index must be improved. He said “It is imperative that our ranking in the Global Security Index improves and...
Nigerian government to launch new pricing framework for gas operations
The chairman of National Gas Expansion Programme (NGEP), Mohammed Ibrahim, says the federal government will launch a new pricing framework to regulate operations in the gas sector. He was speaking on Friday at the 12th Nigerian Gas Association international conference. Represented by Olasupo Agbaje, a member of NGPE, Ibrahim said Nigeria needs to unlock new frontiers in the gas sector. He said the government is working towards achieving a 40 per cent conversion from petrol to gas for vehicles in the country. “As a nation we are committed to unlocking new frontiers through a combination of policy and technology. In terms of unlocking these frontiers, we find that we need to undertake a pricing framework review that has been concluded and in the next few days, we are going to be having a new...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
Edo government warns worship, events centres against violating coronavirus protocols
The Edo State Government has warned owners of event centres, eateries, restaurants, pubs, shopping malls and other places hosting social events in the state against violating the state’s COVID-19 prevention protocols. In a statement signed on Saturday by the Secretary to the State Government, Osarodion Ogie, the government said event centres or business premises that violate regulations on social gatherings would be shut and owners or operators would be prosecuted at designated mobile courts. Ogie noted that the state COVID-19 compliance team had been mandated to ensure strict enforcement of the directives at the weekend, starting from Friday, February 19, 2021, with instructions to ensure full compliance with the protocols. “The Edo State Government hereby warns all event centres, eaterie...
DPR to upgrade downstream petroleum sector operations
File Photo The Department of Petroleum Resources, DPR, Tuesday, disclosed that it plans to upgrade operations in the downstream petroleum industry, leveraging on its ongoing automation process. In a statement in Abuja, Director/Chief Executive Officer of the DPR, Engineer Sarki Auwalu, stated that the upgrade would be to global standards and would be driven by its deployment of improved technology. Auwalu, who was speaking at a virtual meeting with members of the Major Oil Marketers Association of Nigeria, MOMAN, in Abuja, noted that the DPR was currently deploying appropriate technology to enhance value for operators and investors alike in the downstream sector . Specifically, Auwalu explained that the DPR had concluded plans to launch the Downstream Remote Monitoring Systems, DRMS, an in...
Lagos panel okays Lekki toll gate reopening
The Judicial Panel of Inquiry set up by the Lagos State government to investigate the October 2020 Lekki shooting incident has approved the reopening of the Lekki Tollgate. The nine-man panel returned the control of the tollgate to the Lekki Concession Company, the operators, on Saturday. The company, through its counsel, had been praying the panel to allow it to take over the plaza for repair and insurance claims since December 2020. But the panel said the toll plaza could not be handed over as a forensic expert has been paid by the Lagos state government to examine the toll gate with respect of the October 20 shooting incident. The prayer of the LCC was answered on Thursday when the panel gave the company access to reopen the toll gate. The report of the forensic examination, which was m...
Coronavirus: UAE restricts Nigerian passengers to Dubai airport
The United Arab Emirate, UAE, says passengers from Nigeria can no longer travel through other countries or airports to Dubai. This was made known in a notice by Dubai Airports, the operators of Dubai International Airport. The regulations restricted Nigerian passengers from transiting through other airports. The move comes as the United Kingdom on Friday suspended direct flights between the UAE and the UK as part of measures to curb the spread of the raging coronavirus disease. In a notice sent to travel partners, Dubai Airports said amongst other things, passengers from Nigeria can no longer travel through other countries or airports to Dubai. The notice was titled, ‘Dubai Travel Protocol Update–Travel From Nigeria’. It read, “Kindly be advised that effective from 01 February 2021, the fo...
Delta government approves Kwale industrial park
Delta State Government held its first Executive Council (EXCO) meeting of the year at Government House, Asaba, weekend, announcing the approval of key infrastructural projects, including the full establishment of the Kwale Industrial Park in Ndokwa West. The Commissioner for Information, Mr. Charles Aniagwu, disclosed these while briefing newsman on resolutions at the meeting presided by Governor Ifeanyi Okowa. Aniagwu said approval was given for the establishment of the multi-billion-naira Kwale Industrial Park with 25 per cent equity for the state government, while private operators would hold the remaining 75 per cent equity. He stated that the approval was a boost to the industrial park, the process of which establishment was slowed down by the outbreak of COVID-19 pandemic last year. ...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Coronavirus: FCT threatens to shut markets, malls
The FCT Administration has told shop owners to choose between complying with COVID-19 guidelines or having their business premises shut as part of measures to contain the pandemic. Head, Media and Public Enlightenment of the FCT Ministerial Enforcement Task team on COVID-19 Regulations, Ikharo Attah, issued the warning while monitoring the level of compliance in some shopping malls and business premises across the city. He said the administration will “not hesitate to shut down shopping malls, Maitama farmers’ market and business premises in the city that fail to comply with the COVID-19 protocols and guidelines. “From what we observed, there is high compliance by costumers and visitors to these malls and business premises, sadly, same cannot be said of the workers and operators of shops a...
