Category: Economy

Ensure Transparency, Efficiency, Baru Charges New NNPC Management

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Fmr. NNPC GMD, Dr. Mekanti Bari, The new management team of the Nigerian National Petroleum Corporation (NNPC) has been charged to ensure transparency in carrying out its duties. The Former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru gave the advice at a valedictory session and handover to the incoming GMD, Malam Mele Kyari in Abuja on Monday. “I will like the new management team to focus on staff development, efficiency and enhanced productivity. “Transparency and timely publication of financial and operation report is…

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Maritime Workers To Commence Nationwide Strike July 3

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Maritime transport A nationwide strike planned by the  Maritime Workers Union of Nigeria (MWUN) will begin on Wednesday, July 3, after the expiration of a two-week strike ultimatum issued by the union on June 13 over non-payment of stevedoring contractors. Mr. Abdul-Waheed Adeyanju, the President-General of MWUN made this known in a statement issued in Lagos on Sunday. According to him, the leadership of the union has directed that members of the union shall withdraw services throughout the nation’s seaports effective from 06.00 hours on Wednesday, July 3, 2019. Adeyamju said that the two-week…

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Re-capitalisation: Ensure That It Has Positive Impact, Economist Urges Banks, CBN

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Commercial banks and the Central Bank of Nigeria (CBN) should work together to ensure that the proposed re-capitalisation had positive impacts on their operations and economy at large, an economist, Dr Boniface Chizea, has advised. Chizea, the Chief Executive Officer, BIC Consultancy Service, made the assertion in a press interview  in Lagos, while reacting to the Apex bank’s unveiling of the 2019-2024 policy direction. The CBN Governor, Mr. Godwin Emefiele, had on Monday in Abuja during the unveiling of his economic agenda for the next five years expressed the readiness…

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Nigerian Copyright Commission DG, John Asein To Serve As Member Of THECSPC

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Mr. John O. Asein, NCC DG The Director-General, Nigerian Copyright Commission (NCC), Mr. John O. Asein, has been nominated to serve as a member of the Steering Committee of the Nigerian Economic Summit Group (NESG) Tourism, Hospitality, Entertainment, Creatives and Sports Policy Commission (THECSPC). The NESG is an indigenous public-private sector think-tank and policy advocacy organisation committed to promoting sustainable growth, development and championing socio-economic reforms in the Nigerian economy with a view to creating an open, globally competitive and sustainable economy. The nomination, conveyed in a letter from the…

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GenCos Push Out 3,919MW Of Electricity -Report

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Electricity grid Electricity Generating Companies (GenCos) comprising gas-fired and hydro stations released an average of 3, 919 Megawatts (MW) of power into the national grid on Monday, a daily energy report has said. The report, which was compiled by the Advisory Power Team, Office of the Vice President, was made available to the media on Tuesday in Abuja. It said that the energy released by the companies was up by 139.64MW from the figure delivered on Sunday’ adding that 1,808MW was not generated due to unavailability of gas. Similarly, it…

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AMCON =N=5trillion Debt: Justice Dimgba, Kuru, Others Seek Ways To Improve Recovery

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A cross-section of participants at the 2019 AMCON Annual Seminar for External Solicitors and Asset Management Partners (AMPs) co-organised by Legal Academy…in Lagos As Asaba at the weekend the noose on obligors of Asset Management Corporation of Nigeria (AMCON) tightens in line with its latest enforcement strategy, Justice Nnamdi Dimgba of the Federal High Court, A Federal High Court Judge has called for concerted efforts from critical stakeholders especially the judiciary to enable Asset Management Corporation of Nigeria (AMCON) recover the over its =N=5 trillion outstanding debt. Justice Nnamdi Dimgba made…

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FIRS To Start VAT Collection On Online Transactions – Fowler

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Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, addressing delegates at a high-level meeting on “International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Return” convened by the United Nations General Assembly in New York The Federal Inland Revenue Service (FIRS) will shortly commence collection of Value Added Tax (VAT) on online transactions. The Chairman of the agency, Mr. Babatunde Fowler, made the disclosure in an media interview in New York on Saturday. Fowler said: “soon, we will ask banks to impose VAT…

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FG Has No Plans To Remove Fuel Subsidy – Minister

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Mrs. Zainab Ahmed, Minister of Finance The Federal Government has reaffirmed that it has no plans to remove fuel subsidy in the immediate future. The Minister of Finance, Mrs Zainab Ahmed, disclosed this at the briefing by the Nigerian delegation on the outcome of their meetings with investors and institutions at the International Monetary Fund (IMF)/World Bank meetings in Washington DC. Ahmed spoke in reaction to IMF’s advice to federal government to remove fuel subsidy, which might have led to panic buying in the country. “There is no imminent plan to…

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CBN Gives Out N174.48 Bn Under Anchor Borrowers Programme

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The Central Bank of Nigeria (CBN) has so far cumulatively disbursed N174. 48 billion through 19 financial institutions under its Anchor Borrowers Programme since 2015. The Director, Corporate Communications Department of the bank, Mr Isaac Okoroafor stated this on Friday in Enugu at the on-going Enugu International Trade Fair. Okoroafor, who was represented by the Deputy Director of the department, Mrs Veronica Always, said that the programme had supported 902, 518 farmers working with 194 anchor companies. He said the scheme had so far created 2.8 million and 8.4 million…

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FG To Establish Special Economic Zones For Manufacturing Enhancement

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Zainab Ahmed, Acting Finance Minister of Finance Nigeria announced on Wednesday a target to double its manufacturing output to 20 percent of GDP within six years and will set up production hubs across the country in partnership with regional aid banks. Nigeria is Africa’s biggest economy but it lacks a strong manufacturing base, which contributes less than 10 percent to its total gross domestic product (GDP). The country has maintained a strong currency to ensure it can keep imports pouring in, with a growing proportion coming from China. “Project MINE’s…

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